Cording backs Warrington Scheme
High Street Residential have secured another successful forward-funding deal. In partnership with Cording Real Estate Group, the project consists of 362 apartments and forms part of the wider regeneration of Warrington’s Central Station.
Construction of a major build-to-rent scheme in Warrington is to get underway later this month (December) after a £40m forward funding deal was agreed.
Cording Real Estate Group has backed the development as part of its £400m UK Residential Investment Fund, which invests in the private rented sector (PRS) on behalf of Continental European investors.
High Street Residential, part of the High Street Group of Companies, is behind the project which is earmarked for John Street in the heart of the Stadium Quarter regeneration area.
Having secured approval earlier this year, it will provide 362 one and two-bed apartments with construction set to start this month ahead of completion in early 2021. It is expected to support more than 200 jobs.
Charlie Miller, director of residential acquisitions at Cording, said: “The site’s location, opposite the train station and within walking distance to Warrington’s town centre, is very attractive for future residents and commuters to Liverpool or Manchester.
“Our project forms part of a wider regeneration of Warrington’s Central Station and is one of the first large developments to take place in the town for more than ten years.”
The Cording UK Residential Investment Fund was launched in August 2018 with equity commitments of more than £100m from German institutional investors. The company is expecting to raise an additional £150m from Continental European institutional investors.
The deal marks the second sale of PRS apartments by Newcastle-based High Street Residential.
Gary Forrest, chairman of the High Street Group of Companies, added: “Almost 19 per cent of the UK population is renting privately and this figure is expected to grow significantly.
“In response, we are creating high-quality living spaces, future proofed through the use of the latest smart technologies. There will be communal relaxation facilities, where people can meet, form friendships and build new communities.”
Cording was advised by Osborne Clarke on the legal aspects of the deal and EY on the tax structuring. The architect is Triangle.