The Tariff Street scheme which, consists of two new-build 10 and 12-storey apartment blocks, secured planning back in the summer.
United Living New Homes, a subsidiary of United Living Group, has just been appointed main contractor for the project, known as NQ1, and will start on site this month.
The consultants for the scheme include Primas, JMW, Ashurst, CBRE, Leach Rhodes Walker, TPM, Fairhurst, Crookes Walker, Avison Young, Quantem, Asset Building Control & Jensen Hughes.
1NQ is CDL’s fourth PRS project in the UK since 2019.
The first was CDL’s acquisition of the development site for a 665-unit project in Leeds called The Junction.
This was followed by a 352-flat forward-funded project in Manchester named The Castings, and The Octagon project in Birmingham of 370 flats.
The Junction has obtained practical completion for three out of five blocks and has achieved above 90% committed occupancy as at October 2023. The remaining two blocks with 358 flats are on track for completion by Q4 2023.
Sherman Kwek, CDL Group chief executive, said, “Despite an uncertain macroeconomic environment, our PRS assets have shown resilience and strong growth potential.
“1NQ marks CDL’s first UK PRS acquisition under a forward-funding arrangement, which enables us to secure our investment at a fixed cost, manage our cash flows over the development period and benefit from potential capital appreciation.”