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.
- Grainger acquires £26m Manchester PRS portfolio
- £53m build-to-rent development breaks ground
- L&G agrees funding for £53m BTR development in Birmingham
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.”