Milton Keynes YMCA
Background
YMCA formerly occupied a large site in Central Milton Keynes in facilities that were not fit for modern day residential and amenity standards. Mayforth saw the opportunity to work with YMCA and Peveril Securities to deliver a new purpose-built 199 bed hostel for YMCA which, on completion, releases the remaining adjacent site for a large PRS development that will then be developed.
Strategy
After a bid process in Nov 2015 Mayforth were appointed as the YMCA's development partner. With funding from Peveril, planning consent was secured in 2016 for a new YMCA hostel and 261 bed residential PRS/ Build to Rent (BTR) scheme. To deliver a viable deal structure Mayforth worked with Milton Keynes Council and Milton Keynes Development Partnership, who each owned parcels of land along with YMCA, to enable the residential scheme to be presented to the funding market. Working closely with Bowmer and Kirkland as the contractor and the professional team Mayforth secured a build contract for the YMCA and forward funding for the adjacent Private Rented Sector (PRS)/ Build To Rent (BTR) scheme.
Outcome
The new hostel development is currently on site with delivery of 199 purpose built units in Q4 2019. The development will also deliver dedicated common areas, cafe, YMCA administration space and several commercial units at the ground floor. On completion work will commence to deliver the 261 BTR scheme on behalf of Grainger Plc. The development value of the YMCA hostel is £18million with funding from Peveril Securities Limited, YMCA and Homes England.
