Cording Real Estate Group has secured the second deal for its new €448.9m (£400m) UK Residential Investment Fund, which invests in the private rented sector (PRS) on behalf of Continental European investors. The fund has agreed to forward fund a build-to-rent development in Warrington by High Street Residential, one of The High Street Group of Companies, for around €44.9m (£40m). Located in John Street, in the heart of the Stadium Quarter regeneration area, the development will provide 362 one and two-bed apartments. Construction will commence on site this month and is expected to be completed in early 2021.
Charlie Miller, Director of Residential Acquisitions at Cording, said: “The site’s location, opposite the train station and within walking distance to Warrington’s town centre is very attractive for future residents and commuters to Liverpool or Manchester. Our project forms part of a wider regeneration of Warrington’s Central Station and is one of the first large developments to take place in the town for more than 10 years”.
Gary Forrest, Chairman of The High Street Group of Companies, said: “We are delighted to have signed this agreement with Cording, which is further evidence that PRS is here to stay. Almost 19% of the UK population is renting privately and this figure is expected to grow significantly. In response, we are creating high-quality living spaces, future-proofed through the use of the latest smart technologies. There will be communal relaxation facilities, where people can meet, form friendships and build new communities. Our developments offer non-volatile, high-quality assets which deliver extremely attractive, long-term investment opportunities for institutional and individual investors”.
