The move follows a £63m forward-funding and sale deal with build to rent landlord Grainger.

The 150-home, build-to-rent scheme in Botley, Oxford marks Grainger’s first scheme in the city.

The joint venture developer has appointed Gilbert-Ash to build Phase 2 with Mace acting as development manager.

On-site works are expected to start at the end of this month, with practical completion targeted for late 2024.

The joint venture has already created 264 purpose-built student rooms, 20 build to rent flats, retail and commercial space, a new hotel and a new public piazza in Phase One.

Phase Two, which is the final phase of the development, includes the 150 build to rent homes and seven ground-floor commercial units, totalling 10,058 sq ft.

Kirsten White, finance director for Develop at Mace Group, said: “This is a great deal, which underlines the strength of our partnership working approach to urban regeneration in creating a new mixed-use development.

“Phase One saw us work with the local community, the Council and our partners Doric Properties to deliver a vibrant new destination and attract residents and businesses into the area.

“With this funding in place for Phase Two, we can realise the overall vision for the development to leave a positive and lasting legacy for this thriving part of Oxford and for Grainger.”