Ingenious Real Estate Finance LLP has agreed a £19million
loan facility with property developer Citu, to fund the next 120 units at the
Climate Innovation District (CID) in Leeds. The loan will fund the development
of 120 new apartments and houses at what will become the largest sustainable
residential development in the UK. Over 800 family homes are to be built in
total over four phases, using Citu’s own offsite manufacturing facility, which
uses an innovative timber framed system designed in collaboration with Leeds
Beckett University to reduce carbon emissions at every stage.
The units themselves will benefit from a range of green
qualities, incorporating the latest in sustainable technology, with passive
cooling, light wells and mechanical ventilation heat recovery (MVHR) systems.
With over 90% of heat transferred, heating requirements are up to ten times
lower than an average UK home. The units will also benefit from 10 times the
airtightness required by standard UK building regulations, which keeps heat in
the house, whilst the MVHR systems maintain a flow of fresh air, delivering a
healthy indoor air quality. Residents will also benefit from a digitally
enabled home, controlled via Google Nest, allowing them to monitor their energy
and water usage.
Tom Brown, Managing Director of Real Estate at Ingenious,
said: “Ingenious is dedicated to supporting sustainable developments while
maintaining our commitment to the objectives of our investors. We are pleased
to be supporting Citu with the next phase of the CID development providing
attractive homes for buyers looking for a quality, sustainable and energy efficient
place to live close to Leeds city centre.”
In September 2020, Ingenious became the first alternative
lender to become a member of the UK Green Building Council (UKGBC). The UKGBC’s
mission statement is to radically improve the sustainability of the built
environment, by transforming the way it is planned, designed, constructed,
maintained and operated.
Jonathan Wilson at Citu, said: “This new relationship is an
exciting marker in the evolution and expansion of our delivery business which
will enable CITU to grow further and double our annual outputs through the
future regeneration and delivery at the Climate Innovation District. The
importance of who we work with on these innovative and exciting projects is fundamental.
With many high street banks still investing heavily in fossil fuel projects it
was, and is, hugely important we work with like-minded, ethical partners such
as Ingenious. We are on a bold journey as a business and relationships like
this only support the success and positive outcomes we require to disrupt the
status quo.”
