Peveril Securities is developing the site and Mayforth is development manager. Grainger, the UK's largest listed residential landlord, has conditionally agreed to pay Peveril £63m to take over the 261 private rented sector homes on completion.
Grainger’s transaction is conditional on the completion of a new adjacent YMCA as part of the first phase of the wider development which is expected in the third quarter of 2019. Bowmer & Kirkland will start main construction work on the PRS project after this.
Ralph Jones, director of Peveril Securities, said: "We are delighted to be working with Grainger to provide a further 261 residential units in Milton Keynes, and we hope it will be first of many opportunities in the future for Peveril, Bowmer and Kirkland and Grainger to work together."