Residential landlord group Grainger has agreed to forward fund and buy the build-to-rent element of a Bristol development for £128million.
The ‘Redcliff Quarter’ in Bristol comprises 374 private rental homes, as well as 94 affordable homes and six commercial units.
Construction is expected to start in the third quarter of this year, with practical completion of the final element targeted for early 2025.
Business of home: Grainger is a UK professional residential landlord
It is anticipated the scheme, including the commercial arm, will generate a gross yield on cost of 6 per cent once fully let and stabilised.
Helen Gordon, Grainger’s chief executive, said: ‘We are very pleased to acquire our third build-to-rent scheme in Bristol which will further strengthen our city cluster, bringing our total investment in the city to nearly 900 homes when complete and driving operational efficiencies, whilst also enabling us to deliver 94 new affordable homes via Grainger Trust, our in-house affordable housing arm.’
The site is located within the central Redcliffe district of Bristol and forms part of the second and final phase of ‘Redcliff Quarter’, a wider residential-led, mixed use masterplan development.
Grainger said: ‘In addition to the 374 PRS homes and 94 affordable homes at Redcliff Quarter, the scheme includes a total of c.5,900 sq. ft of internal residents’ amenity space; c.21,200 sq. ft of external amenity space; c.8,500 sq. ft of commercial space; and 31 car parking spaces.
‘A further six commercial units totalling c.15,800 sq. ft have also been acquired as part of the transaction.’
Northampton-based Winvic Construction had been appointed as contractor for the scheme.
Winvic built Grainger’s Brook Place development in Sheffield and is also delivering the Copper Works in Cardiff for the group.
Grainger shares were down 0.2p to 280.40p in early morning trading.
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