Assistant Director – Commercial Real Estate Delivery in Leeds

At the National Wealth Fund, our mission is to swiftly and effectively mobilise trusted sector insights and investment expertise to unlock billions in private finance for projects across the United Kingdom. Providing £27.8bn of capital and an expanded mandate, we are ready to help the market invest with confidence, continue to drive forward the Government's growth ambitions.

The National Wealth Fund has a strategic mission to support net zero transition and drive local and regional economic growth. Its £28bn capital is deployed through its Investment and Advisory (I&A) team, which includes sector-focused private investment and the Regional Project Accelerator (RPA) functions. The RPA function supports local government to successfully implement technically complex, innovative and essential infrastructure financing with an ambitious aim to accelerate and improve how public infrastructure is delivered.

The Assistant Director role in Investment and Advisory requires a commercial property development professional with practical experience of supporting the delivery of commercial real estate, regeneration or place-based projects from feasibility through planning, design development, procurement, construction and completion. The role will support the Director in assessing, structuring and de-risking commercial property opportunities for the National Wealth Fund, with particular responsibility for managing due diligence workstreams, reviewing adviser outputs, testing development assumptions and preparing clear risk analysis for senior colleagues.

The Assistant Director will work closely with local authorities, developers, advisers, investors and internal teams to help identify and develop investable propositions, maintain due diligence standards and build the Fund’s capability in commercial real estate lending, regional regeneration and place-based investment.

Core Responsibilities:

• Manage due diligence workstreams: Coordinate day-to-day due diligence activity on commercial property loans and regeneration schemes, working with valuers, technical advisers, cost consultants, planning advisers, lawyers and other specialists.
• Review adviser outputs: Review and summarise valuation, planning, technical, cost, legal, environmental and commercial reports, identifying key risks, dependencies, mitigants and follow-up actions.
• Test development assumptions: Review development appraisals, cost plans, delivery programmes, leasing assumptions, exit strategies and sensitivities, highlighting areas where assumptions appear weak or require further evidence.
• Prepare investment analysis: Draft risk summaries, due diligence notes, investment paper inputs and recommendations for review by senior decision-makers.
• Support external engagement: Engage with local authorities, developers, investors, advisers and contractors to gather information, clarify assumptions and support the development of commercially sustainable propositions.
• Deputise for the Directors: Represent the workstream in internal meetings and external discussions where appropriate, escalating material issues and supporting clear decision-making.
• Support internal capability: Help maintain due diligence templates, capture lessons learned and share commercial property knowledge with colleagues across the Fund.
• Lead and Mentor: Act as a role model and mentor for junior team members, fostering a culture of knowledge sharing and continuous learning.

Knowledge, Skills & Experience:

• MRICS, or equivalent professional experience in commercial real estate development.
• Experience supporting the delivery of commercial real estate, regeneration, mixed-use or place-based projects, preferably with exposure to developer-side or development-management activity.
• Good understanding of the commercial property development lifecycle, including feasibility, planning, design development, procurement, construction delivery, leasing strategy and completion.
• Ability to review development appraisals and identify key assumptions, including GDV, rents, yields, voids, incentives, construction costs, contingency, programme, finance costs, profit and sensitivity analysis.
• Experience reviewing or coordinating due diligence inputs, including valuation, technical, planning, cost, legal, environmental and commercial adviser outputs.
• Strong analytical and drafting skills, with the ability to turn complex adviser reports and project information into clear risk summaries and practical recommendations.
• Experience working with local authorities, developers, advisers, contractors, investors or public-sector partners on property, regeneration or infrastructure-related projects.
• Confident communicator, able to contribute to meetings, ask effective challenge questions and present findings clearly to senior colleagues.
• Organised, collaborative and delivery-focused, with the ability to manage multiple workstreams, track actions and support consistent due diligence standards across the portfolio.

A career with us offers a unique opportunity to make a lasting impact and work on cutting-edge technologies that will drive the UK’s future. We value diversity in our people and inclusion is at the heart of what we do. We offer competitive benefits and unique learning opportunities from combining both private and public sector skills and experience.

Please note, referencing and background checks are carried out for all roles here at the National Wealth Fund.

The National Wealth Fund encourages a diverse workforce and welcomes applications from all suitably qualified people. Inclusion is at the heart of what the Fund does. Diversity in the Fund's people and their ideas will be vital to the National Wealth Fund's success. Appointments will be made on merit, with regard to maintaining the breadth of experience and expertise required and reflecting diversity in the broadest sense, to embrace different perspectives, characteristics and experience, as well as being broadly representative of the nations and regions of the UK. Our roles are open to full-time, part-time or job-share applicants.