Industry legends Godfrey Bradman and Sir Stuart Lipton, developers of the seminal Broadgate estate, are reuniting to make a significant move into the UK residential market.
Property Week can reveal that property tycoon Bradman has set up company UK Residential Properties with Sir Stuart on board as a director, showing that the private-rented sector (PRS) is now exciting the very biggest names in property.
The reunion of the two legendary developers marks their first major collaboration since Bradman’s company Rosehaugh and Lipton’s Stanhope built the Broadgate estate in the City of London in the 1980s.
The deal is the latest high-profile endeavour undertaken by Bradman, nicknamed God in his heyday, after he failed to buy Battersea Power Station in 2012.
Bradman’s new company, which has two subsidiaries - UK Residential Properties (A) and UK Residential Properties (B) - and was set up last November, is thought to be intended as a launchpad for a residential investment fund.
Records at Companies House also list the two men’s sons - developer Elliot Lipton and Daniel Bradman - among its directors, as well as Lib Dem peer Lord Taylor of Goss More and Lipton Rogers director Yair Ginor. Rupert Clarke and Philip Botes are also directors.
The 77-year-old Bradman, who is spearheading the initiative and owns the share capital in UK Residential Properties, is thought to have already agreed terms on a portfolio of residential land being sold by Isle of Man-based developer Dandara.
Dandara instructed Knight Frank to seek a £400m forward-funding partner in February for private-rented developments across five sites.
Located in Leeds, Manchester, Birmingham, and two sites in Glasgow, the sites are thought to be able to accommodate 3,000 PRS units.
Bradman’s deal for the land is understood to be intended as a seed portfolio for a residential fund, although a round of fundraising is not yet thought to have been undertaken.
Bradman has spent the last decade seemingly searching for a deal that would match the prestige of Broadgate. In 2000, alongside Frogmore Estates, he won a bidding process to become Southwark Council’s development partner for the £1bn redevelopment of the Elephant & Castle shopping centre. But two years later Bradman and Frogmore walked away.
Last January, Sir Stuart announced he was stepping down from his company Chelsfield Partners to set up Lipton Rogers with Peter Rogers, the brother of architect Lord Rogers. He is involved in the high-profile £1.5bn development of Silvertown Quays in partnership with his son’s company First Base.
Sir Stuart could not be reached for comment. All other parties declined to comment.