National Regional Property Group has commenced works on a major Build to Rent regeneration project that will completely transform a key part of Southampton City Centre.
The c.£27m development, designed by HGP Architects, will feature a range of contemporary one and two bedroom apartments.
The project has now moved forward as National Regional Property Group signed a deal with Grainger plc, one of the UK’s biggest professional landlords, to take ownership of the building once it’s complete. The development will be Southampton’s second Build to Rent scheme and Grainger will be responsible for letting and managing all 132 apartments, making it attractive to a wide range of occupiers.
Shaun Adams, CEO of National Regional Property Group, said: “These plans have been a long time in the making and we’re thrilled that work is now underway on site. It won’t be long until the demolition is underway.
“We’re particularly excited to have signed a deal with Grainger, who will own and manage the building for the long term once complete. People are increasingly wishing to live and work in the city centre and this development will allow them to do just that.”
Mike Harris, Director of Growth at Southampton City Council said: “The development at East Street reinforces the importance of Southampton having a City Centre Master Plan. It gives developers the confidence to be part of the transformation of this part of the city centre, which is currently undergoing significant redevelopment.
“The provision of high quality apartments in the build to rent sector contributes to attracting and retaining talent in the city, which continues to drive the economic growth of Southampton. This £27m mixed-use regeneration project is a predominantly residential led scheme, adding to the city’s emerging private rental sector offering.”
Helen Gordon, Chief Executive of Grainger, said: “Today’s acquisition is confirmation of our ability to continue to source new and exciting PRS investment opportunities in attractive locations with compelling returns. Southampton is a key target location for Grainger and this scheme on East Street will deliver 132 new high quality, purpose built rental homes and will allow us to utilise our operational base in Hampshire and provide our customers with great service and a great property to live in.”
PMC Construction, the firm behind National Regional Property Group’s Bow Square development just around the corner in Queensway, has been appointed to lead on construction.
National Regional Property Group has established itself as a leader in both regeneration and Build to Rent projects since its inception. It is the company behind Bow Square, Southampton’s first ever Build to Rent scheme.