High Street Group closes in on Freddie Flintoff’s resi scheme

The High Street Group is in talks to enter a joint venture on a 355-home scheme in Manchester with a property developer fronted by former England cricket captain Andrew “Freddie” Flintoff. The developer has exchanged heads of terms and entered into exclusivity to partner with Flintoff’s Logik Developments to deliver a large portion of the site at Arundel Street in Castlefield as a build-to-rent scheme. It will look to sell around half of the development to an institution, seeking some £60m in forward funding. The £100m Arundel Street development is Logik’s first major scheme, which it acquired in 2017. Flintoff set up specialist residential developer Logik with his cousin Neil Spencer and Tony Bhatti in 2017, after developing an interest in property as a cricketer. The Arundel Street project comprises three main blocks of up to 23 storeys with a mix of luxury one-, two- and three-bedroom apartments. The site was previously home to the Dot motorcycle works. The development is one of the last sites within the canalside area of Castlefield, which also boasts major residential schemes from Renaker and Capital & Centric. The High Street Group launched a fundraise last month, approaching institutional investors and high-net-worth individuals to finance its entrance into the project with a target of £4m. The developer specialises in hybrid projects, using a combination of build-to-rent and individual sales to accelerate development. The new fundraising follows the success of a £100m capital raising earlier this year, which the High Street Group will use to fund its £1bn pipeline of build-to-rent and rooftop extension developments. It has a target to grow its portfolio to £3bn in three years. [caption id="attachment_995249" align="aligncenter" width="847"] The Arundel Street scheme in Manchester[/caption] To send feedback, e-mail emma.rosser@egi.co.uk or tweet @EmmaARosser or @estatesgazette