UK’s largest listed residential landlord, Grainger, has given details of its latest city scheme, in Newcastle.

It has spent £57m on the acquisition of The Forge; Grainger says it’s been looking to invest in the city for some time.

The 283-unit development generates a 6.25 per cent gross yield. Average price per unit paid by Grainger was £201,000.

Andrew Saunderson, Director of Investment at Grainger, says: “Newcastle was an obvious gap in our portfolio and therefore we are thrilled with our exciting acquisition of The Forge, which was only recently completed and is already tenanted. 

“This shows the strength of build to rent in Newcastle and the wider North East region where we see recently completed schemes trading successfully.”