The UK’s largest listed residential landlord has bought the planned scheme in a £128m forward funding deal from previous developer team ICG Real Estate and Madison Cairn.
The change in ownership also brings a change in contractor. Under the original developer, McAleer & Rushe looked set for the job after being involved in the pre-construction phase drawing up the construction management plan.
Now Grainger has decided to bring in Winvic to deliver the scheme which will start work on site this autumn.
The building project will rise from 7 to 19 storeys across five blocks arranged around a central courtyard. These connected blocks will provide for 374 private rental flats, as well as 94 affordable homes and six commercial units.
The deal is Winvic’s third project for the build to rent operator following Grainger’s Brook Place development in Sheffield and the Copper Works in Cardiff which is presently under construction.
Helen Gordon, CEO of Grainger, said: “We are very pleased to acquire our third build-to-rent scheme in Bristol which will further strengthen our city cluster, bringing our total investment in the city to nearly 900 homes when complete and driving operational efficiencies, while also enabling us to deliver 94 new affordable homes via Grainger Trust, our in-house affordable housing arm.”