Leading UK property developer, GRE Assets is delighted to announce the sale of a residential building at Nene Wharf, Peterborough to Citra Living, a subsidiary of Lloyds Group.
This marks the first deal since Lloyds announced its fund, and represents a significant vote of confidence in Peterborough as a property investment location.
Overlooking the River Nene and a short walk from the historic city centre, Nene Wharf at Fletton Quays encompasses 128 high-quality apartments, as well as a landscaped public realm and retail units to create a stylish, modern and thriving new community.
GRE Assets has a strong track record of identifying development locations, which deliver for their investors regardless of the economic climate. For instance, the Riverside Park project has performed well since 2017 despite the uncertainty caused by Brexit and the pandemic.
Peterborough also has a lot to offer as an investment location including strong transport links, access to a young population, and large local employers. It also has unparalleled levels of regeneration, with £600m of planned investment within walking distance of Nene Wharf alone.
Michael El-Kassir, Managing Director of GRE Assets, said: “We are delighted to be working with Citra Living on this deal. To be the first acquisition for what is set to be an major residential landlord in the UK is extremely exciting. This is also a fantastic endorsement of our project and Peterborough for investment.
“Our criteria for selecting an investment location is very strict and not something we are willing to compromise on. Affordability, good transport connections and a proactive regeneration programme are all essential. It’s also about timing – acquiring and developing sites when supply is struggling to meet demand.
“We’ve had great success in choosing the right place at the right time, for example at One Smithfield Square in Manchester in 2014 and our projects in Reading in 2013, where we invested before the cities reached the saturation of supply. We look forward to continuing this narrative in Peterborough and delivering solid investment opportunities for our clients.”Date: 6 July 2021