PRS REIT design and build contract with Countryside Properties

The PRS REIT, the closed-ended real estate investment trust established to invest in new build homes in the Private Rented Sector (PRS) has entered into its first design and build contract with Countryside Properties plc for a development of PRS homes in Middleton with an estimated gross development cost of approximately £16.0 million.

The site is well located for the M60 and wider motorway network. The first tenants are expected to take occupation in January 2018.

Steve Smith, non-executive chairman, commented: “Demand for new family rental homes, our core target market, remains buoyant and we expect our high quality, professionally managed new homes to help fulfil the growing shortage of rental housing stock.”