Grainger buys Sheffield PRS scheme for £42m

Grainger has acquired a 284-home PRS development at Well Meadow, Sheffield for circa £42m from developer Panacea Property Development. Grainger will forward fund the scheme and is expected to fully secure the site by early 2020, when construction is earmarked to commence. The developer is expecting the acquisition to generate a gross yield of circa 7%. Practical completion is expected in early 2022. Helen Gordon, chief executive of Grainger, said: “With the city centre area undergoing significant regeneration, and housing demand supported by Sheffield’s strong graduate retention rates, we are confident that Well Meadow will prove to be a popular location to live. “Upon completion of this project, Grainger’s Sheffield cluster will comprise 521 purpose-built PRS homes.”   To send feedback, e-mail lucy.alderson@egi.co.uk or tweet @LucyAJourno or @estatesgazette