Milton Keynes Private Rented Sector (PRS) / Build To Rent (BTR)
Background
This new development in Central Milton Keynes, historically occupied by YMCA, will see 261 purpose built Private Rented Sector (PRS), Build To Rent (BTR) apartments for Grainger Plc. Being delivered by Peveril Securities, with Mayforth as the development directors, the new scheme will see a mix of apartments ranging from studios through one and two bedroom apartments to 3 bedroom duplexes. Associated commercial units, dedicated reception, amenity areas, communal garden and private balconies will provide an exciting mix of accomodation much needed in Central Milton Keynes.
Strategy
Whilst the detailed design of the Phase 1 YMCA was progressing, Mayforth presented the BTR scheme to the funding market in June 2017 with advice from CBRE residential team in London. Formal Heads of Terms were agreed with Grainger Plc to forward fund the scheme in November 2017.
Outcome
After a complex legal process which involved representation from Milton Keynes Council, Milton Keynes Development Partnership, Homes England, YMCA and Peveril, contracts exchanged in July 2018 with Mayforth appointed as development manager to Grainger Plc to deliver the PRS/ BTR Scheme with an end value of £64 million.
The PRS/ BTR development will commence in 2019 for delivery in 2021.
