PROPERTY company Grainger is paying £13.7m for its first build to rent scheme.
The Newcastle-based company, which is the UK’s biggest residential landlord, is buying 100 units of a residential scheme being built in Barking town centre by Bouygues Development.
The scheme is part of Grainger’s strategy to increase its presence in the UK’s private rented sector and its plans to play an important role in creating more build to rent in the UK.
Grainger will retain and let the residential unit and also look after the property management.
Nick Jopling, executive director for property at Grainger, said: “Our acquisition of this Build To Rent block from Bouygues is a significant milestone for the private rented sector, putting into place a new template for the creation of purpose built high quality and professionally managed rental accommodation.
“This is a sector that desperately needs to grow in order to meet the demands of the UK population and is supported at the highest levels of Government, and we believe that this style of residential development has huge potential to grow in the coming years."