A new property developer formed by three experienced industry operators aims to create a £1bn build-to-rent residential portfolio in Liverpool and Manchester within five years. Tony McDonough reports
A trio of experienced property sector operators have come together to form a new venture that aims to create a £1bn portfolio in Liverpool and Manchester.
Sedulous Developments will focus on the build-to-rent residential sector. It claims to have several high-profile projects already under offer and will announce its first major deals in the coming weeks.
Its aim is to work with local councils, housing associations and other property companies to revitalise underutilised sites. Its three founders, who offer more than 50 years’ experience between them are Peter Cranney, Sean Marshall and Zead El Dammaty.
Peter Cranney is owner of Liverpool-based residential development and sales company, Pires Land Consultants. Sean Marshall is the owner of Liverpool property management company, Marshall Property.
Zead El Dammaty is a member of Egypt’s prominent Dammaty family and owner of UK-based property company, Abydos Holdings in London. This will provide the equity funding for Sedulous meaning it is positioned to move quickly on opportunities.
A specialist, in-house construction team has been assembled to deliver the projects. Peter, who is chief executive, said: “I’ve worked with Sean for many years, selling land sites to developers. It was during a deal we were both involved in that I first met the Dammaty family.
“Mr El Dammaty appreciated our approach to business and given our shared values of trust, transparency and a proven ability to deliver, we recognised an opportunity to create a new venture that would drive major regeneration across the North West.
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“We are here for the long term and committed to building strong relationships with local councils and key stakeholders.
“Together, we aim to create new destinations in Manchester and Liverpool that reflect positive change, delivering projects that the communities can take pride in and create a legacy across the North West that everyone can be proud of.”