A development scheme in Salford Quays which has planning approval for more than 600 new homes is set to be acquired for almost £100m.

Contracts have been exchanged for property giant Grainger to acquire Clippers Quay as part of its goal of investing more than £850m in the UK private rented sector over the next three to five years.

As well as the hundreds of homes, the project has detailed planning consent for commercial and amenity space. Construction work is expected to begin in spring this year, with the £98.7m deal pending the finalisation of a construction contract.

When work starts, the scheme is expected to be built across three phases taking two to three years.

Grainger will acquire the completed development from Amstone Ventures on phased payment terms over the course of building works.

Helen Gordon, chief executive of Grainger, said: "This is one of the largest build-to-rent developments outside of London and a major boost to our focus on growing our private rented sector portfolio.

"Clippers Quay is a highly attractive place to invest, driven by its connectivity and proximity to Manchester and MediaCityUK.

"As the UK's largest listed residential landlord, Grainger is well placed to leverage its long-established operational platform to continue offering best-in-class homes to renters across all regions of the UK."

Source: TheInsiderMedia 

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