Grainger takes on third Bristol BTR scheme

Grainger has agreed to pay £128m for the build-to-rent element of the second phase of Bristol’s Redcliff Quarter scheme, which will become its third BTR site in the city. The scheme comprises 374 private rental homes, 94 affordable homes and six commercial units, and sits in a wider redevelopment of part of the city’s Redcliffe district. The forward-funding deal will see Grainger buy the site from ICG Real Estate and Madison Cairn-backed Redcliff MCC. Construction is expected to start in the coming months, with practical completion set for early 2025. Grainger said the scheme, including the commercial element, will generate a gross yield on cost of 6% once fully let and stabilised. The site becomes Grainger’s third in the city. It also owns Hawkins & George, comprising 194 BTR homes, and Millwrights Place, which will include 231 homes when complete in early 2024. To send feedback, e-mail tim.burke@eg.co.uk or tweet @_tim_burke or @EGPropertyNews