M&G Real Estate’s UK residential property fund is adding 300 private rented sector (PRS) apartments to its portfolio by investing in a Bristol project.
Property developer Linkcity said it has signed agreements with M&G Real Estate, Homes England, Bristol City Council and Yarlington Housing Group to deliver the Castle Park View scheme.
The 180,000sqft project is being led by government housing agency Homes England on brownfield land it owns jointly with Bristol City Council. Bouygues UK will act as main project contractor and completion is expected in 2022.
M&G Real Estate will own and manage the 300 one and two-bedroom PRS homes apartments on behalf of its M&G UK Residential Property Fund. Yarlington will owner the remaining 75 affordable homes, comprising one, two and three-bedroom apartments.
Alex Greaves, the head of residential investment at M&G Real Estate, said: “This deal offers a strong opportunity to take advantage of a constricted supply pipeline and the considerable demand for high-quality rental accommodation in the city.”
Greaves said the investment sits perfectly with the fund’s strategy, which focuses on quality, well-located sites near transportation and employment with strong rental growth potential.
“We look forward to working with Linkcity to deliver these homes and to the prospect of continuing the partnership on new opportunities.”
Linkcity’s managing director, Nicolas Guérin, said: “Having completed major schemes across the UK, we are experienced at working with local councils and multiple partners to maximise the potential of disused sites and are really pleased to be collaborating with M&G Real Estate, Yarlington, Bristol City Council and Homes England on this exciting development.”
Mayor of Bristol, Marvin Rees, said: “We have been working together with Linkcity and Homes England for some time with the shared ambition of seeing this complex site turned into a landmark development that delivers new homes that our city desperately needs.”
Kelly Hillman, a senior specialist public sector land at Homes England, said: “It [Castle Park View] showcases good design by bringing an inspiring new building to Bristol on a challenging public-sector land site.
“It also demonstrates our commitment to diversify the housing market with the delivery of a private rented sector product alongside affordable homes.”
Stephen Lodge, an executive director of growth and development at Yarlington said: “It’s great to be working with Linkcity to bring much-needed affordable homes to this very central and sustainable location in the city.
”This project is the culmination of a truly collaborative approach by the different parties involved, and together we are working to help solve the housing crisis.”
