October 05 2020

PfP igloo eyes more sites whilst bringing 2020 release dates forward

Developer PfP igloo, a collaboration between PfP Capital UK and igloo Regeneration, has accelerated plans to release over 200 homes for sale across three UK cities over the next 12 months.

PfP igloo is part of the wider PfP Capital development partnership portfolio, with over 400 homes completed or in construction and a total development value of £127million. All of the new developments are designed to reflect modern lifestyles. In line with PfP Capital’s ‘total impact approach’ around ESG factors (Environmental, Social and Governance) each home has an emphasis on health and wellbeing and an awareness that, now more than ever, people are increasingly working from home and require flexibility to differentiate work, leisure and family spaces.

All PfP igloo sites and wider partnership schemes in Leeds, Newcastle, and Blueprint in Nottingham have remained on programme during the pandemic.

As well as the award-winning Ouseburn Valley neighbourhood developments in Newcastle, the city council has also recently confirmed PfP igloo as development partner for Stephenson Square, a mixed use £100m city centre site that will create 2,000 jobs and deliver 190 homes, over a 4.3 acre brownfield site.

The Ironworks Leeds, Steenbergs Yard Newcastle, and Nottingham Waterside sites have all released new phases for sale over the summer months and have brought forward the release dates of future phases due to high demand.

John Tatham, finance director at PfP Capital, commented: “Looking at the sales data from our developments, it’s clear to see that the attention we have paid to the design and the mix of home styles, and creative investment in public realm is being very well received by local communities, and demand for our product is high.

“We are continuing to back our own developments and pushing forward with new phases faster than we had anticipated, even pre-Covid. I’m confident that with the insights we have gained, our programmes will continue to operate as a catalyst for an uplift in the investment profiles of these important city regeneration areas. We are now actively looking for new sites to meet this demand.”

Peter Connolly, chief executive at igloo added: “The PfP igloo vehicle is set up so that we can respond to needs within the market. The events over the last few months have meant people’s living requirements in city centres have changed and there is an increased demand from people wanting a connection to nature, outdoor space and a sense of community.

“I believe our strong sales performance demonstrates that our unique design and investment process ‘footprint’, has resulted in our schemes being ready for the shift in working habits. We are creating spaces with lots of natural light and spacious living areas for those who value being part of a sustainable, well-designed community, in locations with great potential. Like everyone, we’ve had to adapt during the pandemic and it’s been an extremely tough time to keep on programme, but by being agile and using new technology we’ve not delayed any sales releases and conversely, due to the speed of sales, we’ve even been able to bring our next phases for release forward and we are releasing homes 12 months ahead of completion.”

PfP igloo will make further announcements in early 2021.

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