Cripps advises on major private rented sector investment
Cripps has acted on behalf of global real estate investment company, Kennedy Wilson Holdings Limited on the sale of its private rented sector (PRS) investment at The Rock shopping centre, Greater Manchester.
The 140,800 sq ft site, which sits in the heart of the centre and comprises 233 premium PRS units, was sold to Grainger PLC for £22.1m.
The site was originally acquired as a joint venture with Fairfax Financial Holdings in 2012. During 2014 and 2015 Kennedy Wilson undertook a comprehensive internal redevelopment creating a mix of studio, 1-bedroom and 2-bedroom units.
Garry said: “PRS is a huge growth area and we are delighted to have acted for long-standing client, Kennedy Wilson on this sale, which is a great example of this firm’s ability to handle institutional size deals of this kind.”