Grainger has agreed to forward fund and acquire Oxford’s first Build-to-Rent (BTR) scheme in a £62.8 million deal.
The 150-unit development at West Way Square in Botley will be developed by BDC Phase 2, a joint venture between Mace Group and Doric Properties.
Colliers’ residential capital markets team brokered the deal, which includes seven ground floor commercial units totalling more than 10,000 sq ft, internal residents’ amenity space, a podium garden, roof terrace and 120 parking permits.
The site is 10 minutes from Oxford City Centre and close to Oxford railway station. Gilbert Ash has been appointed as main contractor on the scheme, the second phase of a wider development at West Way Square.
Construction is expected to start in late 2022 with practical completion targeted for late 2024.
Mike Butler, associate director for Colliers, said: “Breaking into Oxford for investors has long been a target for many in the sector, with barriers to entry high given the dearth of available land. We’re thrilled to have facilitated this ground-breaking deal, particularly in a city in need of high-quality rental homes for its ever-growing population and economy, which offers outstanding long term prospects.”
Helen Gordon, chief executive of Grainger, said: “We are delighted to secure our first scheme in Oxford, a key target city with robust underlying fundamentals and a great need for high quality rental homes. The convenient location and connectivity of West Way Square makes it attractive for those working in the city centre or at the many local business and science parks.”
Kirsten White, finance director (development) at Mace Group, said: “This is a great deal, which underlines the strength of our partnership working approach to urban regeneration in creating a new, high quality, mixed-use development.
“Phase One saw us work with the local community, the council and our partners Doric Properties to deliver a vibrant new destination and attract residents and businesses into the area.
“With this funding in place for Phase Two, we can realise the overall vision for the development to leave a positive and lasting legacy for this thriving part of Oxford and for Grainger.”
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