Greystar Real Estate Partners has agreed a deal to forward fund Dandara Living’s 391-home Renshaw’s Yard BTR development in Staines-Upon-Thames, Surrey, for an undisclosed price.
Designed by Hodder + Partners, the development comprises 345 private units, six private three-bed townhouses and 40 discounted market rent units. On-site amenity space includes a lounge, private dining room, co-working space, gym and private courtyard gardens.
Dandara Living will commence construction in Q4 2023 and completion is expected in Q3 2026.
Harry Downes, managing director – UK investment, at Greystar, said: “The acquisition of Renshaw’s Yard will provide much-needed rental housing in Surrey, a region constrained by limited supply but fast-growing demand for a high-quality rental product. Part of the M3 local enterprise corridor, and adjacent to the M4 tech corridor housing several global creative and technology companies, Staines provides excellent proximity to employment hubs and is increasingly attracting new talent to the region.
“This has led to significant residential-led regeneration in the areas, with approximately 1,750 apartments currently in the pipeline to house existing and new residents drawn to Staine’s well-connected location paired with enviable riverside living.”
Jim Davies, CEO of Dandara Living, added: “As a leader in the UK rental market, Greystar recognises the significant opportunities and growth potential of the UK’s BTR sector. The location, amenity offering and broad demographic appeal of Renshaw’s Yard, responds to both local market demand and the needs of today’s renter, and is entirely aligned with Greystar’s strategy.
“Our extensive in-house experience and expertise in site acquisition, delivery, mobilisation and operation of large-scale BTR multi-family schemes is a unique combination that sets us apart from many other developers. Our track record includes managing close to 3,000 apartments delivered by Dandara Living, the majority on behalf of third-party investors, with sites secured to bring forward a further 5,000 apartments and PBSA beds, as we continue to expand our development footprint through direct acquisitions and partnerships in prime regional city centres, London and the South East.”
Dandara Living was advised by Savills.
