Grainger PLC

Grainger to forward fund and acquire 108 BTR homes

Grainger PLC has agreed to forward fund and acquire 108 PRS build-to-rent homes in Tottenham Hale, north London, for around £41m.

Waterside Places – the developer of the scheme – is a joint venture between Muse Developments and the Canal & River Trust.

Waterside Places will develop the site and McLaren will construct the scheme, which is the first phase of a wider development.

The scheme has planning consent, but is subject to a number of conditions which are to be satisfied prior to construction starting on the site, anticipated to be early 2019.

Grainger expects the investment to generate a gross yield on cost of between 5.5-6% once stabilised, with completion expected in early 2021.

"We are pleased … to announce our latest investment in Tottenham Hale, one of our target London locations, which will deliver 108 new high-quality, purpose-built rental homes and complement our Apex House development close by in Seven Sisters,” said Helen Gordon, chief executive of Grainger.

Nigel Franklin, chairman at Waterside Places, added that it was delighted to conclude the deal with Grainger.

"Hale Wharf is an exciting development at the heart of one of the mayor of London's housing zones.

“Once complete, the wider scheme will deliver up to 505 high-quality, canal-side homes, extensive public realm improvements, along with a range of commercial and leisure space."

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