Site of 348-home development is owned by Network Rail and developer Bloc
Grainger has agreed to buy a proposed 348-home development in Nottingham for £55.6m.
The listed build-to-rent specialist’s first scheme in the city is on a site currently owned by Blocwork, a joint venture between Network Rail and London-based developer Bloc.
Planning was granted for the homes on Queens Road last year, subject to a section 106 agreement. The deal is expected to complete in the next couple of months.
A contractor has still to be signed up to do the work but Grainger said it expects construction to start in the second half of this year, with completion aimed for early 2024.
Last week Grainger announced it was raising £185m via a share issue to extend its investment pipeline to nearly £1bn and deliver more than 4,300 homes.
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