Build To Rent giant Grainger has purchased the rights to a 231-home development in Bristol for around £63m.

In a statement to shareholders Grainger says Bristol is a key target city for the company; construction is expected to begin this month, with completion targeted for the second half of 2023.

Grainger says it expects the investment to generate a gross yield on cost of around six per cent.

“This acquisition in Bristol is an exciting addition to our growing portfolio of high-quality rental homes in Bristol, a city which meets our strict investment criteria” says Grainger chief executive Helen Gordon.

“Demand for high-quality rental homes in Bristol continues to grow, and this scheme will add greater scale to our city cluster, improving our ability to drive efficiencies while delivering a great service to our customers.”