MRP Hinckley No. 1 LP

MRP Hinckley No. 1 LP was launched in 2008. It is a UK limited liability partnership and unit trust feed funder fund allowing both taxable and tax-exempt investors to subscribe. 

In total, the Fund raised £1.65m of equity from private investors and debt from Yorkshire Bank PLC. 

The Investment Purpose of the Fund was to acquire a specific four-acre brownfield redevelopment site close to Hinckley town centre (Leicestershire), to obtain planning permission for a mixed-use development and to sell the site with planning permission and pre-lets/pre-sales in place.

Consortium Investment Management LLP (www.consortium-im.com) acted as Sponsor and Operator of the Fund and Lanner Capital Limited (www.lannercapital,co.uk) as Promoter.

MRP was appointed as Property Manager to the Fund, providing both architectural and property project management services. In addition, MRP provided just under 10% of the equity.

MRP obtained full planning consent in April 2010 for a mixed-use scheme comprising 56 residential units (100% affordable housing) and approximately 51,000 square feet of retail, office and light industrial space.

On 29 June 2010, following an initial approach by MRP and subsequent negotiations, Hinckley and Bosworth Borough Council formally approved a relocation of the Borough Council offices to the development. HBBC will occupy just under 30,000 square feet and the accommodation will include a multi-functional civic suite designed to serve the wider community.

Other public sector partners are expected to relocate to the site to create a full shared-services public sector hub.

Investor exit is anticipated in late 2010.