Latest news from BusinessLive's Commercial Property newsletter
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| | | | | Grainger announces new joint venture to deliver 2,000 homes | | | | | | The UK's largest listed landlord Grainger Plc is looking to build more than 2,000 new rental homes in major UK cities after announcing a new partnership which aims to tackle a growing housing crisis.
With a squeezed, lacklustre housing market continuing to dominate property headlines and major housebuilders reassessing future order books, Grainger's announcement of a joint venture with Network Rail and Bloc Group comes during interesting times for the rental market.
The Newcastle business, which has over 10,000 operational rental homes, has formed a partnership with Network Rail and Bloc Group, through 'blocwork', a JV between the two parties. The partnership will see Network Rail bring forward potential sites for build-to-rent from its property portfolio, then developer Blocwork will take the schemes through the planning process, while working with Grainger in design proposals. Once planning approval is secured, Grainger will forward fund the scheme and ultimately own and operate the completed schemes.
The news comes after Network Rail, Bloc Group and Grainger worked together to complete The Barnum, a "highly successful" 348-home build-to-rent scheme in Nottingham, as well as the completion of other station developments. Grainger said these sites "provide excellent transport connections for future residents and align closely to the partners' strategy of delivering housing that creates long term value and delivers sustainable regeneration".
The joint venture announcement also came as Grainger announced full year results which you can read more on at the end of this piece, with CEO Helen Gordon hailing a resilient performance, thanks to its mid-market properties which typically house young professionals under 34 years old who may be at the point in their careers where their salaries are rising. Read more | | | |  |
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| | | | | Birmingham's Mailbox up for sale with £120m price tag | | | | | | Meanwhile in Birmingham, the landmark Mailbox building is being put on the market with a price tag in excess of £120m.
Mailbox REIT, the company which owns the mixed-use complex, is inviting bids for the famous city centre building. Once home to a Royal Mail sorting office, Mailbox has a boutique shopping mall, car park, offices and food and drink venues, encompassing 1.07 million sq ft of space across a 6.2-acre footprint.
It counts a string of household names among more than 40 tenants including fashion brands Harvey Nichols and Gieves & Hawkes, a co-working hub run by Spaces, Everyman cinema and bars and restaurants such as Aluna, Côte Brasserie and Pennyblacks. Property agency JLL has been instructed to handle enquiries about the new sale. As usual, I've linked to some of our biggest property stories this week within this newsletter.
Thanks for reading and we'll be back with more news next Thursday.
Coreena Ford
Business Writer Read more | | | | | |
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| | | | Is there something specific you'd like us to write about or just some feedback to share? Send an email to Coreena Ford Don't forget to check our Commercial Property section regularly for our most recent stories and if you've been forwarded this newsletter and want to receive it each week, sign up here to have it delivered direct. |
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