Grainger Plc To Forward Fund And Operate BTR Element Of The £200m Becketwell Scheme In Derby

By: St James Securities
 
DERBY, U.K. - May 13, 2021 - PRLog -- St James Securities, developers of the £200m Becketwell regeneration scheme in Derby, have announced that Grainger plc, the UK's largest listed provider of private rental homes, has agreed to forward fund, acquire, and operate the build to rent (BTR) element of the scheme at a cost of £37.375m.

The first purpose-built, BTR scheme in Derby, the development will comprise of 259 one and two-bedroom apartments offering resident amenities, plus two commercial units.

The apartments, which will be built on the site of the former Debenhams store on Victoria Street, will form part of the first phase of the Becketwell scheme and will be adjacent to the new public square, which is the centrepiece of the development.

The BTR scheme will feature a rooftop terrace and ground floor amenity space. There will also be a manned reception, gym and separate co-working space, which will serve as an alternative to working from home. Secure car parking, bike store and electric car chargers will also be provided.

Grainger is a market leader in the UK build to rent and private rented sector. This is their first investment in Derby and forms part of their national build-to-rent and PRS investment strategy.

Work is already underway to bring forward a second phase to comprise a new 3,500 capacity performance and conference venue on the site of Laurie House offices and the former Pink Coconut nightclub.

The regeneration of Becketwell will bring repopulation of both office workers and residents to the city centre which will help boost activity outside of traditional retail hours.

St James Securities were advised on the deal with Grainger by Allsop.

Commenting on the agreement with Grainger plc, Oliver Quarmby, managing director of St James Securities said:

"We are delighted to be working with Grainger on this major BTR scheme which will deliver much needed residential accommodation in Derby city centre. Grainger are a well-established operator in the sector, with an amazing track record of delivery and a tremendous reputation with tenants.

"To have a FTSE 250 investor on-board with the Becketwell scheme is a massive vote of confidence in Derby and will act as a catalyst to drive subsequent phases of development on the wider Becketwell site."

Helen Gordon, chief executive of Grainger, said:

"This acquisition in Derby is an exciting addition to our growing portfolio of high-quality rental homes in the Midlands, and our first scheme in Derby, a city which meets our strict investment criteria.

"Demand for high-quality rental homes in the city continues to grow, and this scheme will add greater scale to our Midlands cluster, improving our ability to drive efficiencies while delivering a great service to our customers."

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Tags:Derby
Industry:Business
Location:Derby - Derbyshire - England
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