Residential developer High Street Group has rebranded as Hadrian Real Estate, in a move that has seen founder and executive chairman Gary Forrest step away from the business.
Andrew Marsh (pictured) has been appointed non-executive chairman of the new company. He is also group chair of global executive group Vistage International and holds non-executive chair and director roles at a number of firms.
High Street Group’s managing director Gavin Fraser and legal director Steve Brown will continue their roles at Hadrian. They are joined by Stewart Renfrew as financial director.
Newcastle-based High Street Group claimed to be the largest BTR company in the UK, with a pipeline in excess of £1.5bn and key sites in Birmingham, Manchester and Newcastle, purchased using finance from controversial mini-bonds.
In June, High Street Group locked down its £100m, seven-year loan note, after asking investors to waive their rights to draw funds. The developer cited financial challenges, amid delays in development and a slowdown in sales of completed projects.
The change of company name from High Street Group Plc to Hadrian Real Estate Plc was registered at Companies House on 10 August. Marsh was appointed a director at the company in January, with Forrest departing on 6 August. Investors have since received letters informing them of the new ownership.
Hadrian Real Estate lists a portfolio of 15 high street residential projects, with an end development value of £751m. This includes Cheshire Junction in Warrington, Kent Street Baths and Holloway Head in Birmingham, Arundel Street (in a jv with Freddie Flintoff’s Logik) and Silbury Boulevard in Milton Keynes. Most of the sites have been sold to funds, including Edmond de Rothschild, Invesco and Grainger, under High Street Residential. Just £25.4m of the pipeline is yet to secure funding.
Hadrian estimates it has developments in progress of more than £700m, and net assets of £16.7m.
In a statement announcing the launch of Hadrian Real Estate, chairman Andrew Marsh said: “There is real potential within the UK build-to-rent market for forward-thinking developers, which is demonstrated by the confidence of the partners of Hadrian Real Estate.
“We want to help lift the quality of the rental housing provision throughout the UK, and in particular regions, such as the North East and West Midlands, which will benefit from the government’s levelling-up agenda and require a high standard of PRS homes for professional people.”
Forrest did not respond to requests to comment.
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