North East listed landlord Grainger plc has acquired a London scheme in a £28m deal.
The company, which operates 10,200 homes across the UK, has acquired a 65-home build-to-rent scheme which forms part of phase two of the Hale Wharf Estate in North London. Newcastle based Grainger has agreed a forward acquisition of the scheme from Waterside Places, a joint venture between the Canal and River Trust and Muse. McLaren Construction is the main contractor for the scheme.
The scheme includes the 65 homes alongside around 1,900 sq ft of commercial space set across two blocks. The site is based next to Windlass Apartments, Grainger’s existing 108-home build-to-rent development, which was also delivered in partnership with Waterside Places. The Hale Wharf Estate is a major waterside, mixed-use regeneration site, close to Tottenham Hale rail and underground stations – one of the Mayor of London’s priority Housing Zones.
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The wider Hale Wharf Estate will deliver 505 new homes, including 38% affordable housing which is being delivered in phase two, alongside the homes being acquired by Grainger. The 191 council homes will be owned and managed by the London Borough of Haringey.
Construction of the development commenced in March 2022, with practical completion targeted for August 2024. It is anticipated that the scheme will cost £31m in total once fitted out and furnished.
Helen Gordon, CEO of Grainger, said: “We are delighted to secure our second scheme at Hale Wharf, an excellent North London location which appeals to renters looking for a range of amenities and access to nature on their doorstep, whilst also benefitting from excellent transport links across the Capital. In addition to strengthening our North London operational cluster, this acquisition also marks the second scheme we will deliver in partnership with Waterside Places, which is a great testament to the success and positive collaboration we have enjoyed with Windlass Apartments."
The deal comes a day after Grainger announced a joint venture with Network Rail and Bloc Group to bring forward 2,000 new rental homes in major UK cities.
The partnership will see Network Rail bring forward potential sites for build-to-rent from its property portfolio, then developer Blocwork will take the schemes through the planning process, while working with Grainger in design proposals. Once planning approval is secured, Grainger will forward fund the scheme and ultimately own and operate the completed schemes.
