UK listed residential property owner Grainger has exchanged contracts to acquire Clippers Quay, a £98.7 mln (€130 mln) build to rent, PRS development scheme in Salford Quays in Greater Manchester, which will deliver over 600 new private rented homes, along with commercial and amenity space.
UK listed residential property owner Grainger has exchanged contracts to acquire Clippers Quay, a £98.7 mln (€130 mln) build to rent, PRS development scheme in Salford Quays in Greater Manchester, which will deliver over 600 new private rented homes, along with commercial and amenity space.
This transaction follows Grainger’s announcement last month that it plans to invest over £850 mln in the UK private rented sector (PRS) over the next 3-5 years.
'This is one of the largest build to rent developments outside of London and a major boost to our focus on growing our private rented sector portfolio,' said Helen Gordon, Chief Executive of Grainger.
The purpose-built rental development, which has detailed planning consent, is expected to begin construction in spring this year. Once fully let, it should deliver over £7.5 mln of gross rent per annum.
The transaction is pending the finalisation of a construction contract and the scheme will be built over three phases, taking two to three years.
Grainger will acquire the completed development from Amstone Ventures on phased payment terms over the course of the development using existing company financing facilities.
