The completed site in Salford, Greater Manchester, consists of 73 newly built two-, three- and four-bedroom family homes.
Combined, the properties will provide a rental income of approximately £700,000 per annum.
- Sigma bids to respond to local authorities PRS requirements
- Lewisham Council and Grainger launch JV to deliver 300 PRS homes
- Linden Homes completes two Yorkshire land acquisitions
The transaction also includes a forward contract with the PRS REIT over a site near Wakefield which – when completed – will comprise 72 new homes with an expected rental income of around £600,000 per annum and a gross development cost of approximately £9.2m.
Sigma currently has five PRS sites at varying stages of development which will deliver around 280 new family rental homes with a gross development cost of circa £46.3m and an estimated rental value of approximately £2.85m per annum.
The other sites – which are under forward contract for acquisition by the PRS REIT once completed and let – are in Harlow, Nuneaton, Telford and Wigan.