Grainger is in talks to fund the first build-to-rent scheme in Derby at the £37m redevelopment of the former Debenhams.
The build-to-rent giant is in legals with developer St James Securities on the 259-flat scheme, which was approved last night by Derby City Council.
The scheme will be the first BTR in the city, with rents expected to range from £650 a month for a studio, to £1,000 for a two-bed flat.
The homes will be the first phase in the £200m Becketwell regeneration spanning 7.1 acres in Derby city centre.
Grainger and St James Securities are expected to exchange contracts in the coming weeks and announce the new name for the development.
Construction will begin in May, following demolition of the shopping centre last year. Work is already under way to bring forward a 3,500-capacity venue.
Phase one is expected to complete in 2023. Future phases will include a 270,000 sq ft office, a hotel and a multi-storey car park.
To send feedback, e-mail emma.rosser@egi.co.uk or tweet @EmmaARosser or @estatesgazette
