Residential property owner Grainger has acquired a private rental scheme (PRS) for £100 million in Greater Manchester.

It is understood the Clippers Quay project will deliver over 600 new PRS homes as well as commercial and amenity space in Salford Quays

Currently, the deal is pending the finalisation of a construction contract.

The three-phase project will take between two to three years to complete and is scheduled to begin in spring.

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In addition, Grainger will acquire the completed development from Amstone Ventures on phased payment terms over three phases.

Helen Gordon, Chief Executive, said the deal was a "major boost" for Grainger's focus on growing its PRS portfolio.

"At over 600 homes, Clippers Quay adds further scale to Grainger's established PRS platform," she said.

"Once fully let, it should deliver over £7.5m of gross rent per annum. The scheme is of a scale that will enable Grainger to implement its full service private rental model."

Grainger has recently set out its ambition to become the UK's leading private landlord, with plans to invest over £850m in the UK PRS over the next three to five years.

(LM/CD)