Residential landlord Grainger has agreed to forward fund and buy the build-to-rent element of a Bristol development that is made up of 374 private rental homes, as well as 94 affordable homes and six commercial units. Grainger said it has agreed to acquire the scheme from Redcliff MCC, backed by ICG Real Estate in partnership with Madison Cairn for GBP128 million.
Grainger said Winvic Construction has been appointed as contractor for the scheme. Winvic built Grainger’s Brook Place development in Sheffield and is also delivering the Copper Works in Cardiff for Grainger. Grainger said construction is expected to commence in the third quarter, with practical completion of the final element targeted for early 2025. It expects that the scheme, including the commercial element, will generate a gross yield on cost of 6% once fully let and stabilised.