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Grainger to acquire £80m build-to-rent scheme

29 August 2017 07:25

Grainger has conditionally agreed, subject to planning, to acquire a private rented sector, build-to-rent development at Gore Street in Salford, near Spinningfields, Manchester, for around £80m from Euro Car Parks and the English Cities Fund.

Grainger will forward fund the project, UKLP Gore Street Limited (a joint venture between UK Land & Property and Sir Robert McAlpine Enterprises) will develop the site, and Sir Robert McAlpine will also be the contractor. The site is anticipated to complete in 2020. It will deliver 375 private rental homes through a mix of apartments and townhouses, and provide a range of amenities for residents. It is anticipated to generate a gross yield of c.7% once fully let. Once this transaction completes, it will become part of Grainger's secured pipeline, which currently stands at c.£500m.

Greater Manchester is a key target for Grainger's PRS investment strategy due to its strong economic prospects and growth potential.

This acquisition builds on Grainger's existing investments in the area of over 1,200 rental homes in the North West and its £100m investment at Clippers Quay in Salford to deliver 614 new rental homes where construction is well underway and first completions are expected in FY18.

Chief executive Helen Gordon said: "We are pleased today to announce this significant £80m investment to deliver 375 new, high quality, purpose built rental homes in Salford, near Spinningfields, building on our existing portfolio in and around Manchester city centre and leveraging our operational platform and Manchester regional office."

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