Grainger acquires city site for 250 home PRS scheme

Grainger the UK’s largest listed residential landlord has acquired a site in Sheffield for build-to-rent development.

Brook Place 2 in Sheffield could deliver up to 250 PRS homes, subject to amendments to the existing planning consent. The new site is adjacent to Grainger’s successful Brook Place scheme which opened in 2019 and is an established operational build-to-rent community featuring 237 homes.

The acquisition is aligned to Grainger’s cluster strategy and would bring the existing cluster of 587 homes to over 1,000 homes when combined with the landlord’s other pipeline schemes.

Grainger has also acquired Exmouth Junction in Exeter which has planning consent for 230 homes.

The sites will be developed by Grainger as one of its many routes to sourcing future schemes. These routes also include forward funding third party developers; acquisition of stabilised assets; and joint venture and partnership arrangements such as its Connected Living London partnership with Transport for London.

Helen Gordon, chief executive officer of Grainger, said: “We are pleased to acquire these two development sites in Exeter and Sheffield, leveraging our in-house development capabilities and aligned to our national growth strategy. Both cities are very attractive from a build-to-rent investment perspective and will perfectly complement our growing portfolio.”

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