Grainger PLC has agreed to forward fund and acquire a private rented sector (PRS) build to rent scheme in Sheffield for £32 million.

Grainger announced it has exchanged contracts with Abode Hallam Limited to purchase the build to rent development, Eccy Village, comprising 237 new purpose built PRS homes.

Colliers International’s built to rent team advised Abode Hallam Ltd. 

The residential landlord expects the investment to generate a gross yield on cost of over 7% once stabilised, with completion anticipated by the end of 2019.

Abode Hallam Limited will develop the site to Grainger’s specification and Winvic Construction, a Midlands-based contractor, will construct the scheme.