JRL Group and Housing Growth Partnership have formed a £145m joint venture to deliver a 414-home multi-family scheme in the heart of Luton.

The Castle Street development will comprise 402 private rental apartments and 12 Discounted Market Rent homes across three blocks, with residents benefitting from amenities including a rooftop lounge, co-working spaces, gym, landscaped roof terraces and shared gardens.

Matthew Beech, Investment Director of JRL, said: “Forming this partnership with HGP to bring forward our Castle Street development is a significant milestone for the scheme. Castle Street will set a new benchmark for rental living in Luton, a town undergoing a once-in-a-generation regeneration, with investment transforming its economy, infrastructure and public realm. By delivering high-quality, professionally managed rental homes, JRL is proud to be helping to shape the future of Luton.”

HGP is providing £28m of equity funding for the JV, which will sit alongside JRL’s equity, to deliver the project. With the construction phase underway, JRL, the scheme’s developer and contractor, is targeting practical completion in December 2027.

Colin Bennett, Investment Director at HGP, added: “We are excited to bring the first BTR homes to Luton, made possible by the alignment of JRL’s delivery expertise with our flexible, long-term investment approach.”