Grainger plc, the UK’s largest listed residential landlord, has purchased a Private Rented Sector (PRS) build-to-rent development on East Street, an historic part of Southampton’s city centre, from the National Regional Property Group, the property developer behind Southampton’s first private rental scheme, the Fruit and Vegetable Market development.
The site, which has planning permission for the construction of 132 private rental homes, has been acquired for £27m.
Aiden Murray, planning consultant in the planning team at JLL in Southampton, advised National Regional Property Group on the plans.
He said: “This major regeneration scheme will be an important part of the jigsaw of the transformation of this up-and-coming part of Southampton city centre.
“It is excellent to see National Property Group continuing to invest in the area, which is identified by the city council as in need of regeneration, and to see one of the country's biggest professional landlords, Grainger, commit to owning and managing the new apartment building for the long term.
“This will be the second PRS scheme to be built in Southampton, showing that building specifically for the rental market, which we have seen in major urban hubs such as London, Manchester and Bristol, is now reaching other regional cities. It meets a growing demand from a wide range of renters seeking well managed housing schemes that are within easy reach of key facilities, employment opportunities and transport links.”
Allan Gordon, managing director at National Regional Property Group, is pleased to see a disused site transformed into much-needed, new housing.
He said: “We're hugely proud of the success of the Fruit and Vegetable Market development, and are committed to continuing to regenerate the area, breathing new life into the areas of the city centre that have fallen behind.”