National Regional Property Group and PMC Construction have completed Southampton’s second Build to Rent (BTR) scheme, and have now handed over the landmark building in the heart of the city to residential landlord, Grainger plc.
Grainger plc agreed to forward-fund and acquire the Private Rented Sector (PRS) scheme of 132 one and two bedroom apartments in Southampton’s city centre in 2018, in a deal worth £27 million.
The development, known as Gatehouse Apartments, has now been handed over to Grainger plc, the UK’s largest listed residential landlord, who will own and manage the 14-storey building which boasts a range of resident amenity spaces including roof terraces, a gym, communal lounge area, and co-working space, as well as 462 sq ms of commercial space at ground floor level.
Grainger Chief Executive Helen Gordon said: “The launch of our Gatehouse Apartments scheme in the centre of Southampton is an important milestone for Grainger. We identified the city for investment owing to its excellent potential and Gatehouse Apartments is one of Southampton’s first build to rent developments.
“We believe the high-quality finish and professionally managed service, delivered by the inhouse Grainger team, will attract a range of residents from across the city and beyond.
“With Southampton being confirmed as one of the new Freeports and its bid for City of Culture 2025 under consideration, we see Southampton as a key destination for those looking to rent as a lifestyle choice. We look forward to welcoming our first residents in the next few weeks.”
This is the second BTR scheme that National Regional Property Group and PMC Construction have completed in Southampton, the first being the £60m transformation of the city’s run-down fruit and veg market into apartments and retail space. Known as Bow Square, this now thriving community comprises 280 one and two-bed apartments for private rent.
Shaun Adams, Chief Executive Officer at National Regional Property Group, based in Portsmouth commented: “We’ve been instrumental in bringing build to rent schemes to Southampton and continuing to invest in the ongoing regeneration of parts of the city.”
Matt McGee from Cosham-based contractors, PMC Construction, who led the construction of the building, comments: “We were delighted to have the opportunity to work with National Regional Property Group and Grainger plc. As well as providing high-quality housing for the people of Southampton, we were able to provide significant employment for our specialist local supply chain and opportunities for young people to gain experience and qualifications working in construction.”
Southampton has recently been tipped by CBRE as one of the top 20 future rental hotspots, due to a variety of factors, such as its strong transport links, excellent employment opportunities and relatively young population.
For further details please visit www.gatehouseapartments.co.uk
