Edmond de Rothschild Real Estate Investment Management (REIM) has acquired a prime waterfront site in Gateshead for a €58.4m (£50m) build-to-rent development. The Brett Wharf site on Pipewellgate by the River Tyne, which has been acquired from Quartus Developments, is the eighth development for the Edmond de Rothschild Residential Investment Fund UK, which invests in the private rented sector (PRS) on behalf of European institutional investors. The development will provide 269 one and two-bed apartments for rent as well as commercial space, flexible offices, coffee shops and restaurants. Construction, which will be carried out by Tolent Construction, will begin in October and is expected to be completed in May 2024. Edmond de Rothschild REIM operates a vertically integrated platform that provides development services during construction and provides lettings and management service for the completed development from its in-house residential team.
Charlie Miller, co-head of residential in the UK and director of residential transactions at Edmond de Rothschild REIM, said: “Brett Wharf is part of the ongoing regeneration of the Gateshead quayside and will be a vibrant new place to live. We will be providing high-quality rental accommodation at affordable levels in line with the strategy for the fund”.