Placefirst and Lovell announce £22 million BtR deal in Derby

The £22m agreement marks a regional first for Lovell, which will continue its longstanding delivery role at Castleward. Placefirst has acquired the site from Compendium Living, comprising houses and three apartment blocks across two parcels of land.

Phase four of Castleward will see the development of 33 single-family houses as well as 79 apartments. The first handovers will be in Q1 in 2026. The strategic partnership with Placefirst enables Lovell to build on its reputation as a partnership facilitator, with fully serviced BTR homes offered through Placefirst for this phase.

Located between Derbion shopping centre and Derby Midlands Station, the £100m Castleward scheme is the most significant housing project in the city and is set to deliver around 800 new homes along with green space and 35,000 square feet of commercial retail space by its total completion.

Henry Marshall, investment director at Placefirst, says: “This latest partnership with Lovell marks an exciting milestone for Placefirst as we continue to grow our presence in the East Midlands – a region with huge demand for high-quality, sensitively-designed rental homes in well-connected, vibrant locations.”

The fourth phase of work at Castleward was given the green light by planners in May 2023. It sits alongside existing multi-tenure developments in the area and forms part of a broader ambition to reflect an evolving market that includes both affordable and market-rate housing options. Phase five is expected to come to the fore soon, continuing momentum of the large-scale development towards overall completion in 2027