Grainger will fund a private rented sector (PRS) build-to-rent development on Gore Street in Salford. It has agreed to buy the site from Euro Car Parks and the English Cities Fund for £80m.
Grainger will forward fund the project, UKLP Gore Street Ltd – a joint venture between UK Land & Property and Sir Robert McAlpine Enterprises – will develop the site. Sir Robert McAlpine will be the contractor for the 22-storey development.
The site is anticipated to complete in 2020. It will deliver 375 private rental homes through three tower blocks with some townhouses.
Simon Parker, managing director of UK Land & Property, said that the project would be a focal point of the Chapel Street regeneration initiative in Salford.