JRL Group and Housing Growth Partnership have announced a £145 million joint venture to deliver a landmark Build-to-Rent scheme in Luton, known as the Castle Street development. This collaboration represents a significant investment in the local rental market and the ongoing regeneration of Luton’s town centre.

The Castle Street development will comprise 414 new homes, including 402 private rental apartments and 12 discounted market rent homes, arranged across three residential blocks. Residents will have access to amenities such as a rooftop lounge, co-working spaces, a gym, landscaped terraces, and shared gardens, establishing a new standard for rental living in the town.

HGP, a Lloyds-backed equity investor, is providing £28 million in equity, matched by JRL Group, to fund the delivery of the development. This joint venture highlights both partners’ commitment to addressing the growing demand for high-quality rental accommodation and supporting Luton’s urban regeneration.

As the first major Build-to-Rent scheme in Luton, Castle Street will accelerate the delivery of new homes while contributing to the wider regeneration of the town centre. The project is positioned to set a benchmark for professionally-managed, amenitized rental housing in a town undergoing significant economic and urban transformation.

JRL Group views the partnership with HGP as a milestone for the Castle Street project, reinforcing confidence in the Build-to-Rent sector and its impact on Luton’s regeneration. HGP sees the joint venture as a demonstration of the resilience and appeal of the living sector, particularly as economic and planning constraints limit new housing starts elsewhere.

The Castle Street development will provide much-needed high-quality homes and support the ongoing revitalisation of Luton’s town centre.