Pictured is Nigel Emmerson
National law firm Bond Dickinson has advised Grainger plc, the UK’s largest listed residential property owner and manager, on its acquisition of a freehold block of residential tenanted flats in Leeds.
The freehold of this property includes 46 apartments on the upper floors, approximately 10,000 square feet of commercial space on the ground and first floors, and 19 basement car parking spaces. The total purchase price was £7,585,000.
Bond Dickinson has a long standing relationship with Grainger and recently advised on Grainger’s £57.3 million acquisition of Kew Bridge Court and The Oystercatcher Portfolio, a regional private rented sector (PRS) portfolio, for £11.4m.
This recent acquisition involved input from Bond Dickinson’s real estate, construction, tax, planning and property litigation teams.
Nigel Emmerson, head of residential and partner at Bond Dickinson, said: “We are delighted to help Grainger on this significant acquisition which will further expand their property portfolio in the UK. This acquisition is Grainger’s first major tenanted rental residential building in Leeds, to go with their recent acquisition of the old Yorkshire Post site, a rental housing development opportunity.
“Grainger is a long standing client of Bond Dickinson and we look forward to continuing our work with them on future projects.”
Nick Jopling, executive property director at Grainger, said: “Today’s acquisition is further progress on our investment strategy, focused on acquiring and building good quality rental homes. Over the past year, we have secured £389m of investment in the private rented sector and we are targeting key regional cities, of which Leeds is one.
“This acquisition is aligned to our cluster strategy, nearby another major investment we have recently made in Leeds, a build to rent project under development at the old Yorkshire Post site.”