Grainger, the residential landlord business, has agreed the purchase of a build-to-rent scheme. The development has been bought for approximately £80 million from Euro Car Parks and the English Cities Fund. The Build-to-rent scheme will be taking place in Salford, Greater Manchester and it is thought that Grainger will be forward funding the private rental scheme which will be built on Gore Street.
For the construction work as part of this scheme, the Sir Robert McAlpine will be acting as a contractor. The UKLP Gore Street scheme has been developed as a joint venture between UK Land and Property and Sir Robert McAlpine Enterprises. The development will involve the construction of three apartment buildings which will range between 13 and 22 storeys in height. The 375 apartments will be spread out across these three buildings, which will also be connected through the creation of a two-storey podium. This podium will also be used as a courtyard garden for the apartments.
Depending on a successful planning application, the construction work is expected to be complete in 2020. This construction project will be a high-quality and high profile scheme for Grainger and will also be a central feature of the larger Chapel St regeneration initiative in Salford, which so far has experienced a great deal of success.
At the moment Grainger has a range of investments in the North West of England. The company has more than 1,200 rental homes in their portfolio. Amongst these properties is the Clipper Quay development which consists of 614 rental homes. Grainger has been recognised as a part of the Property Company of the Year at the Property Awards as well as the Landlord of the Year & Asset Manager of the Year at the RESI Awards and PRS developer of the Year at the Rent Awards.
