£100m Clippers Quay deal agreed
LISTED residential property company Grainger is buying Clippers Quay, a major private rental sector (PRS) scheme in Salford Quays for £100m.
Clippers Quay will deliver over 600 new private rented homes, along with commercial and amenity space. The purpose-built rental development, which has detailed planning consent, is expected to begin construction in Spring.
The deal is pending the finalisation of a construction contract and the scheme will be built over three phases taking two to three years. Grainger will acquire the completed development from Amstone Ventures on phased payment terms over the course of the development using existing financing facilities.
The deal comes hot on the heels of a strategy update on January 28 when Grainger set out its stall to become the UK’s leading private landlord and its plan to invest over £850m in the PRS sector over the next three to five years.
The London-based group is already one of the largest PRS operators in the country, with around 3,600 homes under management.
Helen Gordon, chief executive of Grainger, said: “This is one of the largest build to rent developments outside of London and a major boost to our focus on growing our private rented sector portfolio.
“At over 600 homes, Clippers Quay adds further scale to Grainger’s established PRS platform. Once fully let, it should deliver over £7.5m of gross rent per annum. The scheme is of a scale that will enable Grainger to implement its full service private rental model.
“Clippers Quay is a highly attractive place to invest, driven by its connectivity and proximity to Manchester and MediaCityUK. As the UK’s largest listed residential landlord, Grainger is well placed to leverage its long-established operational platform to continue offering best-in-class homes to renters across all regions of the UK.”
