Leading residential landlord Grainger is to purchase the 100 flats that form the housing element of Bouygues Development's Barking town centre regeneration scheme in London Road.
Announcing financial close of the second phase of the £50 million scheme, which includes a new Asda supermarket, a car park, and a selection of smaller shops, Bouygues confirmed that Grainger had agreed to purchase the scheme's flats as par of its "build to rent" strategy.
Nick Jopling, Grainger's executive director for property, said the purchase represented "a significant milestone" for the private-rented sector that signalled a new model for the creation of purpose-built, high quality, and professionally managed rental accommodation.
"This is a sector that desperately needs to grow in order to meet the demands of the UK population and is supported at the highest levels of government, and we believe that this style of residential development has huge potential to grow in the coming years," he said.
Bouygues said the flats would be completed in 2015.
It added that funding for the new Asda store - which will replace the retailer's store at the Vicarage Field Shopping Centre - had been provided by the Aviva Investors Lime Property Fund, which had acquired a 150-year lease.
Phase one of Bouygues and Barking & Dagenham Council's town-centre regeneration included the construction of the authority's Technical Skills Academy and the Short Blue Place public square.
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