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Listed residential landlord Grainger announced that construction of its latest investment in Leeds was underway after contractual conditions were met.
The scheme, known as Fabrik, is a 216-home build to rent development in Leeds which was being forward funded for about £34m.
Construction of the scheme had recently commenced with completion anticipated for late 2021, with the investment expected to generate a gross yield on cost of over 6.5% once stabilised, the company said.
The developer is Leeds-based Oakapple Group with Tolent Construction Limited as the building contractor.
'We are pleased to announce start on site of our latest investment in Leeds, one of our target regional cities, which will deliver 216 new high quality, purpose built rental homes. Fabrik will complement our 242-home Yorkshire Post development, also in Leeds, thereby providing over 500 PRS units in Leeds once these schemes are delivered,' Grainger said.