Grainger has added two new development sites to its portfolio with the opportunity to deliver some 480 new PRS homes.
The listed residential landlord has acquired Exmouth Junction in Exeter, which has consent for 230 homes and Brook Place 2 in Sheffield, which has potential for 250 homes, subject to amendments to an existing planning consent.
The Exeter acquisition signals Grainger’s debut in the city, but builds on its growth South West portfolio, which currently totals some 508 homes. The 230 homes planned at the site will comprise 173 PRS homes and 57 discounted market rent homes.
The Sheffield site sits next to Grainger’s Brook Place scheme, which opened in 2019 and comprises 237 PRS homes.
Chief executive Helen Gordon said: “We are pleased to acquire these two development sites in Exeter and Sheffield, leveraging our in-house development capabilities and aligned to our national growth strategy. Both cities are very attractive from a build-to-rent investment perspective and will perfectly complement our growing portfolio.”
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