Cording Real Estate Group has agreed to forward fund a 117-home BTR scheme in Nottingham.
It has invested £17.3m in the development by Abode Nottingham, located in the Lace Market area of the city on High Pavement and Short Hill.
The development combines a mix of refurbished Grade II listed buildings and new-build, providing studio, one and two-bed apartments.
Construction will begin in the first quarter of this year with completion expected at the start of 2021. The scheme will be let and managed by Cording’s in-house PRS team.
Cording’s director of residential acquisitions Charlie Miller said: “This is our second PRS project in Nottingham, after Saffron Court in Crocus Street, which reflects our enthusiasm for the city in terms of demographics, local economics and affordability.
“Half of the population is under the age of 29 and that includes a thriving student population. Much of the housing stock in Nottingham is old and the supply of new dwellings has been very limited. We expect strong demand for the apartments”.
The investment is the third deal for Cording’s £400m UK Residential Investment Fund, after forward fund agreements of £50m at Merlin Works in Leicester and £40m at Stadium Quarter in Warrington.
To send feedback, e-mail emma.rosser@egi.co.uk or tweet @EmmaARosser or @estatesgazette
