Grainger PLC Construction commences at Hale Wharf scheme (8096R)
March 05 2019 - 1:01AM
UK Regulatory
TIDMGRI
RNS Number : 8096R
Grainger PLC
05 March 2019
5 March 2019
Grainger plc
Construction commences at Grainger's latest PRS development
scheme
-- Hale Wharf scheme in Tottenham Hale
-- 108 PRS homes
Grainger plc, the UK's largest listed residential landlord with
over 8,200 operational rental homes, today announces that
construction has commenced at its latest private rented sector
(PRS) development at Hale Wharf in Tottenham Hale, London. Today's
news follows the announcement in November 2018 of the exchange of
contracts between Grainger and Waterside Places, a joint venture
between Muse Developments and the Canal & River Trust, for
Grainger to forward fund and acquire a building within the wider
Hale Wharf scheme.
Grainger will deliver 108 new modern homes and up to 2,000 sq.ft
of resident amenity space, designed specifically for the rental
market. The scheme complements Grainger's two other nearby PRS
development schemes, Apex House (163 homes) and Seven Sisters
Regeneration scheme (196 homes), also in the London Borough of
Haringey.
These three schemes will provide Grainger with significant scale
in this part of London totalling 467 new homes, reflecting the
company's strategy to have clusters of assets within close
proximity to each other to support operational efficiencies.
Construction is expected to complete in Q2 of 2021, and once
fully let and stabilised the c.GBP41m scheme is anticipated to
deliver a gross yield on cost of between 5.5-6%.
Helen Gordon, Chief Executive of Grainger, said:
"Today is another step forward in Grainger's ambitious plans to
deliver thousands of new homes across the UK, specifically for
renters. Since setting out our plans in 2016, we have committed
GBP1.9bn of investment into the UK private rented sector, and our
investment plans continue unabated, with strong market fundamentals
underpinning a strong and growing demand for renting in the UK.
"We are pleased with the swift progress to commence construction
at Hale Wharf, as well as the progress made across our other two
PRS development schemes in Haringey. Last week saw the topping out
of our 22 storey PRS development, Apex House, and earlier in the
year we received confirmation from the Secretary of State that the
compulsory purchase order required for our Seven Sisters scheme can
proceed. Across these three schemes we will be delivering 467 much
needed new homes to this part of North London over the next two to
three years."
Nigel Franklin, Chairman at Waterside Places, said:
"We're delighted to now be on site for the first phase at Hale
Wharf, which will be delivered by McLaren Construction and look
forward to working closely both with them and Grainger over the
coming months. Our focus is to deliver high-quality urban
waterfront schemes that deliver diverse and sustainable places.
"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."
- ENDS -
For more information, contact:
Julie Deighton, Head of Communications, Grainger Plc
jdeighton@graingerplc.co.uk (020 7940 9604)
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END
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