Residential landlord Grainger has agreed to buy a 375-home build-to-rent scheme in Salford, Greater Manchester, UK, for around £80m from Euro Car Parks and the English Cities Fund.
Grainger will forward fund the private rental scheme on Gore Street in Salford.
UKLP Gore Street, a joint venture between UK Land and Property and Sir Robert McAlpine Enterprises, will develop the 22-storey project, reported The Construction Index.
Sir Robert McAlpine will serve as the contractor for the site.
The apartments will be divided across three blocks, ranging between 13 and 22 storeys. These blocks will be connected by a two-storey podium, which is intended to serve as a courtyard garden.
The scheme will be developed following planning approval. Its completion is expected in 2020.
UK Land and Property managing director Simon Parker was quoted by Constructionenquirer.com as saying: “We are delighted that the hard work and support of key partners, including Salford City Council, The English Cities Fund and Sir Robert McAlpine Enterprises, has contributed to the opportunity for us to develop this high-quality landmark scheme for Grainger.
“The project will become a focal point to the highly successful Chapel St regeneration initiative in Salford.”
Grainger’s current investments in the North West England touch more than 1,200 rental homes.