Grainger seals deal for Oxford BTR debut
Grainger has struck a £62.8m deal to acquire its first build-to-rent scheme in Oxford.
The FTSE 250 company has agreed to forward fund phase two of Mace and Doric Properties’ West Way Square development in Botley, just outside of the city.
The second phase of the project includes 150 homes, 3,244 sq ft of amenity space, a communal garden and roof terrace, as well as seven ground-floor commercial units and 120 parking spaces. The scheme is expected to complete in 2024. Gilbert-Ash has been appointed as the main contractor for phase two and Mace Develop as the development manager.
Grainger has struck a £62.8m deal to acquire its first build-to-rent scheme in Oxford.
The FTSE 250 company has agreed to forward fund phase two of Mace and Doric Properties’ West Way Square development in Botley, just outside of the city.
The second phase of the project includes 150 homes, 3,244 sq ft of amenity space, a communal garden and roof terrace, as well as seven ground-floor commercial units and 120 parking spaces. The scheme is expected to complete in 2024. Gilbert-Ash has been appointed as the main contractor for phase two and Mace Develop as the development manager.
Phase one of the regeneration, also developed by a Mace and Doric jv, includes a 264-bed PBSA development, 20 BTR homes, 40,000 sq ft of retail and commercial space, a new hotel and office and community spaces.
Grainger chief executive Helen Gordon described Oxford as “a key target city with robust underlying fundamentals and a great need for high-quality rental homes”.
She said: “The convenient location and connectivity of West Way Square makes it attractive for those working in the city centre or at the many local business and science parks.”
Kirsten White, finance director for Mace Develop, said: “Phase one saw us work with the local community, the council and our partner Doric Properties to deliver a vibrant new destination and attract residents and businesses into the area. With this funding in place for phase two, we can realise the overall vision for the development to leave a positive and lasting legacy for this thriving part of Oxford and for Grainger.”
To send feedback, e-mail akanksha.soni@eg.co.uk or tweet @AkankshaEG or @EGPropertyNews
Image courtesy of Mace
