Grainger (GRI) has bought its first build-to-rent scheme, agreeing to pay £13.7m for 100 flats under construction in Barking, East London. It will hold and manage the flats for income rather than selling them to owner-occupiers or buy-to-let investors, a novel idea in the residential development sector, but one the government hopes will help solve the country's housing crisis.
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The flats are being built by Bouygues Development above a new Asda supermarket, and should be finished in April 2015. An architecture firm, Assael, has advised on their internal layout to make sure they work for the private-rented sector, reports Grainger.