Grainger plc, the listed residential landlord, has announced that it has appointed Engie Regeneration as the main contractor to its Newbury PRS scheme
The Newbury PRS scheme will deliver 232 new homes for rent and improved pedestrian access from Newbury train station to the town centre.
Construction on the scheme, being developed by Grainger in partnership with West Berkshire Council and Network Rail, is expected to begin before the end of this calendar year and will be completed in 2021.
The signing of the construction contract at Newbury signifies an increase to Grainger’s secured Private Rented Sector investment pipeline by £61m.
Grainger expects this scheme to generate a gross yield on cost in excess of c.6.25% once stabilised. Newbury is an attractive location for investment due to its strong employment and well-serviced transportation links and with major improvement works underway by Network Rail.
The scheme will provide a mix of apartments, duplexes and houses alongside 8,780 sq ft of new commercial space to be marketed to local businesses. In addition the scheme will also include improved pedestrian links between the station and Newbury town centre, a new bus station and a new multi-storey car park.
Helen Gordon, Chief Executive of Grainger, said: “We are pleased to announce this key milestone for our Newbury PRS scheme, which increases our secured investment pipeline to over £800m.
“This scheme will deliver 232 high quality new homes for rent to Newbury, and it will significantly improve the gateway to Newbury and connection to the railway station and station amenities.”
