North East based developer, High Street Residential, has secured forward funding – worth about £40 million – from Cording Real Estate Group, for an innovative apartment complex in Warrington.
It is the second such deal for the Newcastle based specialist in private rented sector (PRS) development. A £30 million, 139 apartment building in Milton Keynes – where construction is well underway – has the backing of Grainger plc, the UK’s largest residential landlord.
The Warrington project is also the second for the £400 million Cording UK Residential Investment Fund. Launched earlier this year, it will be used to build a portfolio of regional PRS assets, where demand for rented accommodation is strong.
Work on the eight storey, 362 one and two bedroomed build-to-rent apartment development in the town’s Stadium Quarter regeneration area, is expected to begin before Christmas and be ready for occupation early in 2021.
High Street Residential is one of The High Street Group of Companies and Chairman, Gary Forrest, said: “We are delighted to have signed this agreement with Cording, which is further evidence that PRS is here to stay. Almost 19% of the UK population is renting privately and this figure is expected to grow significantly.
“In response, we are creating quality living spaces that are attractive to both high earning young professionals and institutional and individual investors seeking attractive, non-volatile assets.”
With six more PRS initiatives – including Newcastle’s tallest building, Hadrian’s Tower – worth £503 million, either under construction or planned, High Street Residential is in talks with other potential investors.
With its headquarters in Stockbridge House, Newcastle, The High Street Group of Companies was established by Gary Forrest in 2006. It has grown to become a leading financial and property group employing over 100 people in activities including large scale property development and construction, hospitality and leisure.
Picture caption: An indicative CGI of the proposed development.