Grainger is to forward-fund and acquire a 98-home PRS development at Guildford Station in Surrey for £37m.
The scheme is being developed by Network Rail and Kier through their Solum Regeneration joint venture, and is part of a wider £150m station redevelopment, which will include 440 new homes, 36,000 sq ft of retail space and 20,200 sq ft of office space.
Guildford has no professionally managed build-to-rent housing, Grainger said, despite close to half of the population living in rental accommodation. The company expects to make a gross yield on cost of roughly 5.5% when the scheme completes in early 2023.
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