Grainger agrees to acquire PRS build to rent scheme in Sheffield for £32m
Grainger, the UK’s largest listed residential landlord, has agreed to forward fund and acquire a private rented sector (PRS) build to rent scheme in Sheffield for £32m.
Grainger announced it has exchanged contracts with Abode Hallam Limited to purchase the build to rent development, Eccy Village, comprising 237 new purpose built PRS homes.
The residential landlord expects the investment to generate a gross yield on cost of over 7% once stabilised, with completion anticipated by the end of 2019.
Abode Hallam Limited will develop the site to Grainger’s specification and Winvic Construction, a Midlands-based contractor, will construct the scheme.
Helen Gordon, chief executive of Grainger, said: “This is the fourth significant PRS acquisition we’ve announced in the past two months, demonstrating our continued success in finding and securing highly attractive investments in the private rented sector.
“We are pleased to have secured Eccy Village in Sheffield, which is one of our key target locations.
“This scheme will see us deliver 237 new high quality, purpose built rental homes, in this growing, vibrant city.”