Cubex Lands large build-to-rent scheme at Finzels Reach
Posted on November 28, 2016
£46m deal will see one of first schemes in Bristol to deliver create nearly 200 homes
The largest build-to-rent residential deal to be delivered in Bristol has been signed at Finzels Reach.
Grainger plc, the UK’s largest listed residential landlord will forward fund, acquire and operate the scheme in a deal worth £45.7m, which will create 194 homes for the private rental sector.
Bristol based Cubex Land will develop the build-to-rent residential scheme, which has planning consent, with work expected to start on site in early 2017 and complete at the beginning of 2019.
The two blocks at Hawkins Lane and Georges Wharf will contain a combination of one and two-bedroom apartments, expected to appeal in particular to ‘generation rent’, a population of young professionals with a mobile lifestyle.
Bristol is a key target city for Grainger’s build-to-rent investment strategy due to its strong economic and housing market prospects and this is its first project in the city.
Gavin Bridge, Director of Cubex Land, said: “This is a fantastic inward investment in Bristol by a well-respected and experienced landlord. These contemporary-styled apartments are perfectly placed to complement the rest of our Finzels Reach apartments, hotel, offices and leisure space.
“Much has been talked about the build-to-rent sector but this is one of the first major schemes to get off the blocks, which we believe is testament to the approach we are taking at Finzels Reach, developing high quality spaces and creating a thriving, balanced community in the heart of the city centre.”
Helen Gordon, Chief Executive of Grainger, said: “We are pleased today to announce further significant progress in our build-to-rent investment strategy by agreeing to forward fund a 194 home, build-to-rent scheme at Finzels Reach in Bristol, a location which we believe has strong market prospects and good growth potential.”
Finzels Reach is one of the largest mixed use developments in the South West and is the creation of Cubex Land, the Bristol-based company that took on the site four years ago, with investment from London-based Palmer Capital, after a previous attempt to regenerate the site had fallen into receivership.
Alex Price, Chief Executive of Palmer Capital, said: “We are delighted to be working alongside our partners Cubex Land and Grainger plc, to see this site brought forward for build-to-rent apartments. It will enhance the thriving mixed use community we have developed at Finzels Reach and provide much needed accommodation to Bristol city centre.”
Once complete, Finzels Reach will be home and work to over 2500 people and will include 440 new apartments, two Grade A office buildings, a 168 bedroom Premier Inn which is due to open in 2017, plus a host of cafes, restaurants and a microbrewery. The 4.7 acre site has a rich history at the heart of the medieval city of Bristol, later becoming a sugar refinery and brewery.