Southampton: Grainger acquires build-to-rent scheme in city centre

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TBM Team

A major build-to-rent scheme in Southampton, which will help to regenerate an historic part of the city centre, has been acquired by Grainger plc, the UK's largest listed residential landlord.

The 132 one and two-bedroom apartment development on East Street, which recently received planning consent, is being sold by National Regional Property Group, the property developer behind Southampton's first and highly successful private rental scheme, the Fruit and Vegetable Market development, to Grainger.

Aiden Murray, planning consultant in the planning team at JLL, a leading property consultancy based in Southampton, advised National Regional Property Group on the plans.

He said: "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. 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.

"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. It meets a growing demand from a wide range of renters seeking 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, added: "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're hugely proud of the success of the Fruit and Vegetable Market development, and are committed to continuing to regenerate the area, breathing new life into the areas of the city centre that have fallen behind."

TBM Team