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30/09/2016

Grainger Agrees £40m Deal For PRS Scheme In Leeds

Property developer Grainger has agreed to forward purchase a new Private Rented Sector (PRS) development for £40 million in Leeds.

The company has committed to the build-to-rent Leeds Riverside scheme on the former Yorkshire Post Gateway site in the city centre.

The development will comprise of 242 new PRS homes over 18 floors including 72 car parking spaces. In addition, 3,600 sq ft of amenity space and a 3,277 sq ft commercial unit will be developed.

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Leeds is one of five key target cities for Grainger's PRS investment strategy, alongside Bristol, Manchester, Birmingham and London.

Helen Gordon, Chief Executive of Grainger, said: "We are pleased to announce this sizeable PRS build-to-rent acquisition that will deliver 242 new, purpose-built rental homes in Leeds city centre. Leeds is a vibrant city which holds all the key characteristics of our PRS investment strategy, including a large professional workforce and significant economic growth potential."

The scheme is expected to be fully complete in 2019.

(LM/CD)

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