Saffron Court, Nottingham

A £40+ million forward-funding development in Nottingham, designed specifically for the PRS market.

A mix of 350 studio, one and two-bed apartments and 130 car parking spaces.

Located by the landmark refurbished Hicking Building, close to the popular tram stop and south of the central train station.

It bridges the gap between the town centre and West Bridgford and provides a catalyst for regeneration in the southern part of the city.

 

Equity invested by Cording’s UK PRS Club 1 LP, (the Club), a closed-ended vehicle set-up for sophisticated institutional real estate investors seeking to capture the unique shift in the British residential market - from owner-occupation to renting.

The Club is planning further investments in forward funding PRS transactions in the next few months and is seeking to deliver its investors double-digit investment returns.

Development by Cassidy Group and Regency Project Management Limited.

Construction begun in November 2017, expected to complete early 2019.

Construction company is Winvic building on its previous experience of building care home, student accommodation and PRS blocks.

Rationale

Nottingham is a compelling location in terms of demographics, local economics and affordability.

Over 300,000 people live in Nottingham, of whom 48% are under the age of 29, including a thriving student population. According to the ONS, the local economy is expected to grow significantly faster than UK averages by 2020, supported by its expanding healthcare and biotech sectors.

Much of the housing stock in Nottingham is old and the supply of new dwellings has been very limited. As such, Cording expects strong demand for the completed product.