Supported by the Homes and Communities Agency and HSBC, the projects are believed to be the single largest PRS development investment in the UK, with an estimated value of almost £400million.

PRS is a vital component in meeting the Government’s commitment to creating durable, high quality new homes for future generations in major city centre locations.

These homes will significantly increase the attractiveness of three of the UK’s major growth centres outside of London by providing modern, affordable places to live at prime city centre addresses.

Funded by the HCA’s Home Building Fund, HSBC and the Dandara Group, the projects also include significant contracts for Galliford Try, Interserve, Sir Robert McAlpine and their subcontractor supply chains, who have all worked with Dandara during the project planning phase.

With a start date of January 2017, construction is expected to be complete by December 2019, and all permissions and contracts are already in place.

Following completion, Dandara Living will manage the letting and ongoing management of each development using established in-­house teams, based within purpose-­built facilities at each site.

“We are now in a position to actively work with institutions, and independently, to make a sizeable contribution to this market.

“PRS is already providing accommodation for a new generation of workers in London, and with these new developments we will deliver much-­needed, purpose built and professionally managed ‘build-­to-­rent’ property in the regions

“We would like to thank all of our advisers, notably lawyers Addleshaw Goddard, property advisers Knight Frank, Greyfriars Strategic Financial Advisers and our project team members, internal and external.”