The UK’s largest housebuilder, Grainger, has announced fresh details on their new PRS (‘build to rent’) development in Nottingham.
The established private rental home provider has agreed to forward fund and acquire a 348-home PRS scheme from the Network Rail and Bloc Group, 50:50 joint venture, Blocwork LLP for £55.6m.
Commenting on the sale, Richard Thomas, Director, Blocwork LLP, said: ”We are delighted to be working with Grainger on this project. We have been developing ideas to redevelop the site for some time. This has resulted in a viable development coming forward on this site that will add to the vibrancy of this part of Nottingham and complete the redevelopment of the station which has become a great regional transport hub. We look forward to delivering this scheme and hopefully, many others with Grainger in the future.”
The purchase marks Grainger’s first investment in Nottingham, which has long been a key target city for the firms’ national build-to-rent and PRS investment strategy.
The city of Nottingham has been identified by Grainger as a ‘strong’ market due to its ‘deep’ rental demand and economic growth prospoects, as well as a limited amount of sizeable purpose-built scale rental housing schemes.
Helen Gordon, Chief Executive of Grainger, said: “We are pleased to agree this significant new investment for housing in Nottingham, a city we have been keen to invest in for some time due to its strong market characteristics and growth prospects. Nottingham has a vibrant community, with strong and growing demand for renting, but lacks high quality, professionally managed rental housing with amenities. Our rental housing scheme on the Queens Road will represent great value for renters with long-term, flexible tenancies, professional on-site resident services team, high-speed broadband, and communal spaces and amenities such as a lounge and gym. We look forward to bringing this scheme forward swiftly with Blocwork Group.”
Grainger’s Build to Rent scheme is located in close proximity to the town centre and adjacent to Nottingham railway station.
Construction is expected to commence in the second half of the year, with the scheme’s completion anticipated by early 2024.
Featured Image: Image via Katie Homes