JV to deliver PRS scheme at MediaCity
Atlas Residential and IP Investment Management are to forward-fund a £55m PRS apartment scheme at MediaCityUK. Peel Land & Property, which sold the site, will act as development manager for the project, which will take up the plot next to the Lightbox site, currently under construction at the mixed-use waterfront scheme.
Bouygues is expected to start construction in October on the 190,000 sq ft development, which will comprise 238 apartments and reach 19 storeys. Of the apartments, 134 will be one-bedroom, 85 two-bedroom and three three-bedroom.
The scheme represents Atlas’ third PRS venture in the UK, following schemes in Southampton and Birmingham, both of which it is partnering on with Rockspring. However, it is the US giant’s first project with Singapore-based IPIM, which over the last six years has backed nine student accommodation schemes in the UK.
Selina Williams, investment director at IPIM, said: “We have been monitoring the UK PRS sector for some time, to identify the right operator partner and a site that meets our investment criteria for our first acquisition.
“The UK PRS sector is a natural progression following our investments in direct-let student accommodation. The calibre of the operator is critical to the success of a PRS investment, and we have every confidence that in Atlas we’ve found a partner who will be able to capitalise on their longstanding experience in the US to deliver a tenant-focused building in the UK.”
Atlas also announced a deal with Wildheart Residential Management last November in what it said would be “the first Anglo-American build-to-rent manager”.