Investor pumps £40m into Nottingham resi scheme
Cording Real Estate Group, the real estate investment management firm, has agreed a £40m funding deal in Nottingham – its first build to rent investment in the UK private rented sector (PRS).
Cording has entered into a forward-funding agreement with the Cassidy Group and Regency Project Management for Saffron Court, next to the refurbished Hicking Building.
Construction of Saffron Court will begin this month, as it already has planning consent for a mix of 350 studio, one and two-bed apartments and 130 car parking spaces. Winvic is building the development.
The investment is being led by Cording’s new UK PRS business, which was launched a year ago with the acquisition of specialist PRS company, CapRes. CapRes’ founders, Tim Holden and Charlie Miller, who have long experience and an outstanding track record in the UK PRS sector, head Cording’s new PRS platform.
Tim Holden, director of residential development and asset management at Cording, said: “Nottingham is a compelling location for our first build to rent investment in terms of demographics, local economics and affordability.
“Over 300,000 people live in Nottingham, of whom 48% are under the age of 29, including a thriving student population. According to the ONS, the local economy is expected to grow significantly faster than UK averages by 2020, supported by its expanding healthcare and biotech sectors.
“Much of the housing stock in Nottingham is old and the supply of new dwellings has been very limited. As such, we expect strong demand for our completed product which has been designed specifically for the PRS market”.
