Grainger buys Bristol build-to-rent development for £128m

UK residential landlord Grainger on Thursday said it had agreed to forward fund and buy the build-to-rent element of a Bristol development for £128m.

The “Redcliff Quarter” comprises 374 private rental homes, as well as 94 affordable homes and six commercial units, the company said.

Construction is expected to start in the third quarter of this year, with practical completion of the final element targeted for early 2025. It is anticipated that the scheme, including the commercial element, will generate a gross yield on cost of 6% once fully let and stabilised.