Grainger snaps up £7.6m Leeds residential block
LISTED residential property owner Grainger has acquired a Leeds residential block, Indigo Blu.
The building on Crown Point Road includes 46 apartments on the the upper floors and approximately 10,000 sq ft of commercial space on the ground and first floors.
The building cost Grainger £7.58m and follows hot on the heels of the announcement that plans have been submitted for the former Yorkshire Post site for a major PRS development. Grainger acquired the site for £40m in September 2016.
Nick Jopling, executive property director at Grainger said: “Today’s acquisition is further progress on our investment strategy, focused on acquiring and building good quality rental homes.
“Over the past year, we have secured £389m of investment in the private rented sector and we are targeting key regional cities, of which Leeds is one.
“This acquisition is aligned to our cluster strategy, nearby another major investment we have recently made in Leeds, a build to rent project under development at the old Yorkshire Post site.”
This recent acquisition involved law firm Bond Dickinson’s real estate, construction, tax, planning and property litigation teams.
Nigel Emmerson, head of residential and partner at Bond Dickinson said: “We are delighted to help Grainger on this significant acquisition which will further expand their property portfolio in the UK.
“This acquisition is Grainger’s first major tenanted rental residential building in Leeds, to go with their recent acquisition of the old Yorkshire Post site, a rental housing development opportunity.”
