Newcastle-headquartered Grainger plc, the UK’s largest listed residential landlord, announced on Wednesday it has acquired two sites in Exeter and Sheffield for direct development build-to-rent opportunities, totalling a potential 480 new PRS (private rented sector) homes.

“Exmouth Junction in Exeter benefits from having planning consent for 230 homes,” said Grainger.

“This will be the first investment for Grainger in Exeter, identified as a target location due to its strong local economy, under supplied rental market and growth expectations.

“This acquisition builds on Grainger’s wider South West of England presence which currently totals 508 homes.

“Situated to the north east of the city centre, the site is well located for access to the University of Exeter, the Royal Devon & Exeter Hospital, the Met Office and the City Centre itself …

“Brook Place 2 in Sheffield could deliver up to 250 PRS homes, subject to amendments to the existing planning consent.

“The site is adjacent to Grainger’s highly successful Brook Place scheme, which opened in 2019 and is now a stabilised and established operational build-to-rent community comprising 237 PRS homes.

“This new opportunity is aligned to Grainger’s cluster strategy, bringing the existing cluster of 587 homes to over 1,000 homes when combined with its other pipeline schemes.

“These clusters provide Grainger with operational efficiencies, enabling the business to drive returns and enhance customer experience.” 

Grainger CEO Helen Gordon said: “We are pleased to acquire these two development sites in Exeter and Sheffield, leveraging our in-house development capabilities and aligned to our national growth strategy.

“Both cities are very attractive from a build-to-rent investment perspective and will perfectly complement our growing portfolio.”