Grainger plc has agreed to forward fund and acquire a build-to-rent development at Capital Quarter in Cardiff for £57m
The build-to-rent development comprises 307 homes and is situated at Capital Quarter in Cardiff.
Capital Quarter is a 10-acre mixed-use development which has outline planning for over 1,025,000 sq ft of development to include offices, hotels, student housing and education uses.
In addition to the 307 private rental homes, the scheme will also deliver a range of amenities for residents, including a rooftop lounge and terrace.
The site is located within close to Cardiff Central station and the city centre.
Grainger’s build-to-rent strategy
Cardiff is a key target city for Grainger’s PRS investment strategy. Despite strong rental market fundamentals, the city has a limited amount of amenitised, purpose-built, build-to-rent housing.
The Capital Quarter scheme has been acquired on an unconditional basis and is now included in Grainger’s secured pipeline.
Helen Gordon, chief executive of grainger, said: “We are pleased today to announce this £57m investment to deliver 307 new, high quality, purpose built rental homes in Cardiff, supporting growth in the region, building on our existing portfolio in the South West and leveraging our operational platform.”
Iain McArthur, director residential capital markets at IM Properties, added: “We are pleased to have secured a deal with Grainger.
“This scheme will set a new benchmark for residential rental property in Cardiff and is the first of a number of high-quality PRS sites our in-house project team is delivering, working alongside our residential and strategic land operations to maximise our existing £1bn portfolio.”
Completion of the scheme is expected in mid-2020.