Image credit: The Astley, Tim Groom Architects

Grainger has bolstered its portfolio with the acquisition of The Astley, a build-to-rent scheme in Manchester, from M&G Real Estate for £31 million. This strategic move is set to enhance Grainger’s presence in the Northern Quarter and Ancoats, an area renowned for its vibrant community and growth potential.

The Astley, a 135-home development featuring a mix of one, two, and three-bedroom apartments, includes amenities such as a rooftop garden. This fully-occupied site sits conveniently close to Grainger’s existing cluster of approximately 1,700 rental homes, including properties like Clippers Quay at Salford Quays and The Filaments near Spinningfields.

Helen Gordon, CEO of Grainger, highlighted the acquisition’s benefits: “The Astley is an excellent acquisition. A stabilised, income-producing, high-quality build to rent asset of 135 homes within our existing Manchester cluster, supported by our ongoing asset recycling programme. Today’s acquisition is earnings accretive and reflects the increasing number of opportunities we are seeing in the market to acquire existing build to rent assets.”

This acquisition was facilitated by the sale of an older 80-home private rented sector scheme in London for £27 million, part of Grainger’s asset recycling programme. The capital was reinvested into the higher-yield Manchester development, demonstrating Grainger’s commitment to maximising returns on their investments.

Alex Greaves, head of global living at M&G Real Estate, remarked, “The disposal of The Astley is in line with our ongoing long-term strategy, and we are pleased to work with market participants such as Grainger. It is good to see ongoing competition and liquidity in the market for high-quality, income-producing BTR stock in desirable locations like The Astley.”

Grainger’s expansion in Manchester aligns with the rising popularity of property networking events in Manchester and construction networking in the Northern Quarter, as the region continues to attract major property investors and construction contracts.

Grainger, with a £3.4 billion operational portfolio of approximately 11,153 rental homes, recently expressed support for the new Labour Government’s plans to reform the planning system and introduce rent reform. Ms Gordon added that “sensible rent reform” could provide greater certainty for investors and landlords, aligning with the company’s responsible approach to renting.

The acquisition of The Astley is undoubtedly a topic that will be mentioned at networking events and upcoming property networking events in Manchester, providing an opportunity for industry professionals to explore potential collaborations and investment opportunities in the thriving Northern Quarter.

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