A £56m build-to-rent (BTR) development next to Nottingham railway station is set to proceed after securing the necessary funding.
Blocwork, a 50:50 joint venture between Network Rail and private developer Bloc Group, already had planning permission to build a development of 348 apartments on a vacant site in Queens Road, Nottingham.
Now listed residential landlord Grainger has agreed to forward fund and acquire the city centre development for £55.6m.
The transaction is subject to the satisfactory appointment of a contractor and other conditions. Once these have been met, expected in the next few months, the transaction will become unconditional and then considered fully secured.
Planning permission for the scheme was granted in November 2019 subject to agreement of the Section 106 conditions.
Construction is expected to commence in summer 2020.
Blocwork director Richard Thomas said: “We are delighted to be working with Grainger on this project. We have been developing ideas to redevelop the site for some time. This has resulted in a viable development coming forward on this site that that 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. We look forward to delivering this scheme and hopefully many others with Grainger in the future.”