The largest Build To Rent deal in Bristol has been announced.
Grainger, the UK's largest listed residential landlord, will forward fund, acquire and operate the scheme in a deal worth £45.7m; it will create 194 homes and the scheme, to be built by Cubex Land, will begin early next year and complete at the beginning of 2019.
The two blocks will contain a combination of one and two-bedroom apartments, expected to appeal in particular to young professionals with a mobile lifestyle.
Bristol is described as ‘a key target city’ for Grainger's BTR investment strategy due to its strong economic and housing market prospects.
"Much has been talked about the Build To Rent sector but this is one of the first major schemes to get off the blocks” says Gavin Bridge, director of Cubex Land, who describes the end product as being “a thriving, balanced community in the heart of the city centre."
The 4.7 acre neighbourhood of which the scheme will form a part - to be called Finzels Reach - will be home and work to over 2,500 people and will include 440 new apartments, two Grade A office buildings, a 168 bedroom Premier Inn plus other retail and leisure units.
Meanwhile the sale has been completed of the former Oaks shopping centre in Acton, west London to L&Q, one of the country’s largest housing associations.
The development on the site is to include 178 apartments of which some will be Build To Rent units.