Property group buys Jewellery Quarter development
A £28m residential development in Birmingham’s Jewellery Quarter will move forward after a deal was agreed with the UK’s largest listed residential landlord.
Grainger has exchanged contracts with Blackswan Property Limited to forward fund and acquire Gilder’s Yard, a 156-home scheme.
Birmingham is a key target city for Grainger’s PRS investment strategy due to its strong economic prospects and growth potential, and builds on Grainger’s existing local management platform.
Helen Gordon, chief executive of Grainger, said: “We are pleased today to announce our latest investment in one of our key target locations, Birmingham, which will deliver 156 new high quality, purpose built rental homes, building on our existing portfolio in and around the area and leveraging off our operational platform.”
The build to rent development is expected to deliver a gross yield of more than 7% once it is stabilised.
Blackswan Property Limited will develop the site and Shaylor will construct the scheme.