Property owner and manager Grainger is set to acquire a build to rent private rented sector (PRS) development scheme in Salford Quays for around £98.7m
The Clippers Quay project will provide over 600 homes along with commercial and amenity space.
The acquisition follows Grainger’s announcement that it intends to become the UK’s leading private landlord by investing over £850m in the UK private rented sector over the next five years.
Helen Gordon, Chief Executive of Grainger, said: “This is one of the largest build to rent developments outside of London and a major boost to our focus on growing our private rented sector portfolio.
"Clippers Quay is a highly attractive place to invest, driven by its connectivity and proximity to Manchester and MediaCityUK.
“As the UK’s largest listed residential landlord, Grainger is well placed to leverage its long-established operational platform to continue offering best-in-class homes to renters across all regions of the UK.”
Once fully let, the Clippers Quay development will deliver £7.5m gross rent per annum.
Grainger currently manages around 3,600 PRS homes in the UK.
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