Grainger to forward fund major build-to-rent scheme in Sheffield

Grainger has exchanged contracts with Abode Hallam Limited to forward fund and acquire a private rented sector (PRS), build-to-rent development in Sheffield for around £32m.

The scheme comprises 237 new purpose-built PRS homes and the residential landlord expects the investment to generate a gross yield on cost of more than 7% once stabilised, with completion anticipated by the end of 2019.

The site will be developed to Grainger’s specification by Abode Hallam Limited, with Winvic Construction carrying out the work on 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.”

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