PGIM Real Estate has agreed a forward funding deal for 135 build-to-rent homes at the Greater Brighton Metropolitan College’s BTR scheme in Brighton city centre.
The site on Pelham Street is being brought forward by Osborne Developments.
The college initiated development plans in 2018, proposing a £31.6m scheme of 135 flats to generate funds for an extension and improvements to facilities at Pelham Tower.
The BTR scheme comprises a number of low-rise blocks of three to six storeys. Osborne secured consent for detailed plans from HNW Architects earlier this year. Osborne will begin the build imminently, with practical completion anticipated in 2023.
The funding deal from PGIM is its second acquisition, after the £31.5m purchase of 123 flats in High Wycombe from Inland Homes last year.
Paul Stanford, head of UK and Ireland at PGIM Real Estate, said: “The development is an important component in the regeneration of Brighton’s New England Quarter and will create a thriving community in the heart of the city, a sub-market that has suffered from a significant under-supply of high-quality rental accommodation over the years.”
Andy Steele, group chief executive at Osborne, said: “Brighton is a challenging city to secure land for purpose-built private rented homes and we only recently finalised the land acquisition and achieved planning. We are starting on site immediately to deliver this fantastic scheme of BTR homes in the centre of Brighton.”
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