Bristol’s largest build-to-rent residential deal to deliver nearly 200 homes
The largest build-to-rent residential deal to be delivered in Bristol has been signed at Finzels Reach.
Grainger plc, the UK’s largest listed residential landlord will forward fund, acquire and operate the scheme in a deal worth £45.7m, which will create 194 homes for the private rental sector.
Bristol based Cubex Land will develop the build-to-rent residential scheme, which has planning consent, with work expected to start on site in early 2017 and complete at the beginning of 2019.
The two blocks at Hawkins Lane and Georges Wharf will contain a combination of one and two-bedroom apartments, expected to appeal to ‘generation rent’, a population of young professionals with a mobile lifestyle.
Bristol is a key target city for Grainger’s build-to-rent investment strategy due to its strong economic and housing market prospects and this is its first project in the city.
Gavin Bridge, Director of Cubex Land, said: “Much has been talked about the build-to-rent sector but this is one of the first major schemes to get off the blocks, which we believe is testament to the approach we are taking at Finzels Reach, developing high quality spaces and creating a thriving, balanced community in the heart of the city centre.”
Helen Gordon, Chief Executive of Grainger, said: “We are pleased today to announce further significant progress in our build-to-rent investment strategy by agreeing to forward fund a 194 home, build-to-rent scheme at Finzels Reach in Bristol, a location which we believe has strong market prospects and good growth potential.”
Once complete, Finzels Reach will be home and work to over 2500 people and will include 440 new apartments, two Grade A office buildings, a 168 bedroom Premier Inn which is due to open in 2017, plus a host of cafes, restaurants and a microbrewery.