‘Build to Rent’ continues apace in Southampton

National Regional Property Group and PMC Construction have completed Southampton’s second Build to Rent (BTR) scheme, and have now handed over the landmark building in the heart of the city to residential landlord, Grainger plc. Grainger plc agreed to forward-fund and acquire the Private Rented Sector (PRS) scheme of 132 one and two bedroom apartments in Southampton’s city centre in 2018, in a deal worth £27 million.The development, known as Gatehouse Apartments, has now been handed over to Grainger plc, the UK’s largest listed residential landlord, who will own and manage the 14-storey building which boasts a range of resident amenity spaces including roof terraces, a gym, communal lounge area, and co-working space, as well as 462 sq ms of commercial space at ground floor level.This is the second BTR scheme that National Regional Property Group and PMC Construction have completed in Southampton, the first being the £60m transformation of the city’s run-down fruit and veg market into apartments and retail space. Known as Bow Square, this now thriving community comprises 280 one and two-bed apartments for private rent.Southampton has recently been tipped by CBRE as one of the top 20 future rental hotspots, due to a variety of factors, such as its strong transport links, excellent employment opportunities and relatively young population.