A two-year build is underway on a £55.6 million build-to-rent housing scheme in Nottingham.
The 348 PRS development is going up in Queens Road and will meet a growing trend for people to move back into city centres.
Blocwork LLP – a joint venture between Network Rail and Bloc Group created to develop rail-side sites around the UK – has appointed GRAHAM as construction partner.
The 197,250 sq ft scheme over 10 floors is being funded by FTSE250 property business Grainger Plc, and is its first PRS ‘build to rent’ development in Nottingham.
The building sits close to the city centre and Nottingham railway station, and has been designed by Franklin Ellis Architects, which has offices in Leicester and Nottingham.
It will include a mix of studio, one, two, and three-bedroom apartments, with public spaces and commercial space on the ground floor.
Ronan Hughes, regional director from GRAHAM, said: “There’s a strong market for high-quality PRS development in Nottingham and this project represents a positive step forward in the area’s future development.
“Grainger is universally recognised as one of the leading providers of build to rent accommodation, so we are looking forward to working with them and the wider project team to bring this development forward.”
Helen Gordon, chief executive of Grainger, said: “We are pleased to progress with our Nottingham development, which upon completion will provide 348 new high quality rental homes, all professionally managed by an in-house Grainger service team.
“Nottingham has a vibrant community with a strong and growing demand for renting and our Queens Road development will offer renters in the city a great home, great value, flexible and long-term agreements, and a range of resident amenities, including co-working space and superfast high-speed broadband included within the rent.
“Grainger’s homes appeal to a diverse range of renters; from young professionals through to families and downsizers. We look forward to sharing updates as construction progresses.”
Richard Thomas, director of Bloc Ltd and Blocwork LLP said: “We are delighted to be working with GRAHAM and Grainger on this residential project.
“Having been a former student at Nottingham University many years ago, I have really enjoyed putting the scheme together with our team that once completed will add to the vibrancy of this part of Nottingham and complete the redevelopment of the station which has become a great regional transport hub.”
Stuart Kirkwood, group property director at Network Rail Property, said: “The Nottingham development is a fantastic example of Network Rail working closely with the private sector to deliver vital new homes on land no longer required by the operational railway.
“The investment by Grainger points to the growing appetite in the sector for viable build to rent schemes, and we are pleased this investment has now moved on to the construction phase.
“Network Rail has a track record of successful partnership projects across the country, which not only deliver housing, jobs and economic growth, but also generate vital funds to be reinvested back into the railway, improving services for our passengers.”
GRAHAM started on site last month and construction is expected to complete April 2023.