£40m property deal secured for Newcastle's High Street Residential
Regional developer, High Street Residential has secured forward around £40m worth of funding from Cording Real Estate Group.
It is set to go towards an apartment complex in Warrington, and is the second deal for the Newcastle-based specialist in private rented sector (PRS) development.
A £30m apartment building in Milton Keynes - where construction is underway - has the backing of Grainger plc, too.
The Warrington project is also the second for the £400m Cording UK Residential Investment Fund. Launched this year, it will be used to build a portfolio of regional PRS assets, where demand for rented accommodation is strong.
Chairman of The High Street Group of Companies, Gary Forrest, said: “We are delighted to have signed this agreement with Cording, which is further evidence that PRS is here to stay.
“Almost 19 per cent of the UK population is renting privately and this figure is expected to grow significantly.
“In response, we are creating quality living spaces that are attractive to both high earning young professionals and institutional and individual investors seeking attractive, non-volatile assets.”
Work on the eight-storey, 362 one and two-bedroomed build-to-rent apartment development, in the town’s Stadium Quarter regeneration area, is expected to begin this month and be ready for occupation early in 2021.
With six more PRS initiatives - including Newcastle’s tallest building, Hadrian’s Tower - worth £503m, either under construction or planned, High Street Residential is in talks with other potential investors.
With its headquarters in Stockbridge House, Newcastle, The High Street Group of Companies was established by Gary Forrest in 2006.