Grainger plc, the UK’s largest listed residential landlord, has acquired a major Build to Rent scheme in the heart of Southampton.
The scheme, which aims to regenerate an historic part of Southampton’s city centre, will include more than 130 apartments targeted to appeal to ‘generation rent’.
The development on East Street – not far from Southampton Central station and Southampton Solent University – will be made up of 132 one and two-bedroom apartments. It recently received planning permission and is being sold by National Regional Property Group, the property developer behind Southampton’s Fruit and Vegetable Market development, to Grainger.
National Regional Property Group was advised on the plans by Aiden Murray, a planning consultant in the planning team at JLL. “This major regeneration scheme will be an important part of the jigsaw of the transformation of this up-and-coming part of Southampton city centre,” he said. “It is excellent to see National Property Group continuing to invest in the area, which is identified by the city council as in need of regeneration, and to see one of the country’s biggest professional landlords, Grainger, commit to owning and managing the new apartment building for the long term.”
He added: “This will be the second PRS scheme to be built in Southampton, showing that building specifically for the rental market, which we have seen in major urban hubs such as London, Manchester and Bristol, is now reaching other regional cities.”
He said this meets a growing demand from a wide range of renters for well managed housing schemes that are within easy reach of key facilities, employment opportunities and transport links.
Allan Gordon, managing director at National Regional Property Group, said of the scheme: “We’re delighted to be pressing ahead with this regeneration work for Southampton - which will see a disused site transformed into much-needed, high quality housing. We are committed to continuing to regenerate the area, breathing new life into the areas of the city centre that have fallen behind.”