Grainger, the listed residential landlord, has completed a deal to fund a Build to Rent development in Bristol’s ‘Redcliff Quarter’, taking the number of its properties in the city to 900 when complete.
The £128m city centre agreement will give the company control of the second phase of the development, covering 374 private rental sector homes and 94 affordable homes, with a targeted 6% yield on cost once fully let and stabilised.
The scheme includes six commercial units and outdoor space, in addition to 31 car parking spaces.
Construction will get underway in the third quarter with completion scheduled for 2025.
Helen Gordon, Grainger’s chief executive, commented: “We are very pleased to acquire our third build-to-rent scheme in Bristol which will further strengthen our city cluster, bringing our total investment in the city to nearly 900 homes when complete and driving operational efficiencies, whilst also enabling us to deliver 94 new affordable homes via Grainger Trust, our in-house affordable housing arm.”