Grainger snaps up Bristol build-to-rent development for £128m with ‘Redcliff Quarter’ building set to start later this yr
- Grainger has agreed to purchase the build-to-rent ingredient of a Bristol development
- Construction is anticipated to start out within the third quarter of this yr
Residential landlord group Grainger has agreed to ahead fund and purchase the build-to-rent ingredient of a Bristol development for £128million.
The ‘Redcliff Quarter’ in Bristol includes 374 non-public rental properties, in addition to 94 reasonably priced properties and 6 business models.
Construction is anticipated to start out within the third quarter of this yr, with sensible completion of the ultimate ingredient focused for early 2025.
business of dwelling: Grainger is a UK skilled residential landlord
It is anticipated the scheme, together with the business arm, will generate a gross yield on value of 6 per cent as soon as totally let and stabilised.
Helen Gordon, Grainger’s chief government, mentioned: ‘We are very happy to accumulate our third build-to-rent scheme in Bristol which can additional strengthen our metropolis cluster, bringing our whole funding within the metropolis to almost 900 properties when full and driving operational efficiencies, while additionally enabling us to ship 94 new reasonably priced properties by way of Grainger Trust, our in-house reasonably priced housing arm.’
The website is situated throughout the central Redcliffe district of Bristol and varieties a part of the second and ultimate part of ‘Redcliff Quarter’, a wider residential-led, blended use masterplan development.
Grainger mentioned: ‘In addition to the 374 PRS properties and 94 reasonably priced properties at Redcliff Quarter, the scheme features a whole of c.5,900 sq. ft of inner residents’ amenity area; c.21,200 sq. ft of exterior amenity area; c.8,500 sq. ft of economic area; and 31 automobile parking areas.
‘An additional six business models totalling c.15,800 sq. ft have additionally been acquired as a part of the transaction.’
Northampton-based Winvic Construction had been appointed as contractor for the scheme.
Winvic constructed Grainger’s Brook Place development in Sheffield and can also be delivering the Copper Works in Cardiff for the group.
Grainger shares had been down 0.2p to 280.40p in early morning buying and selling.