Business
Construction commences at Hale Wharf scheme
Construction commences at Hale Wharf scheme.
About this update from Grainger Plc
[{"type":"text","content":"\n \nRNS Number : 8096R Grainger PLC 05 March 2019 \n\n5 March 2019\n \nGrainger plc\nConstruction commences at Grainger's latest PRS development scheme\n· Hale Wharf scheme in Tottenham Hale\n· 108 PRS homes\nGrainger 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. \nGrainger 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. \nThese 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. \nConstruction is expected to complete in Q2 of 2021, and once fully let and stabilised the c.£41m scheme is anticipated to deliver a gross yield on cost of between 5.5-6%. \nHelen Gordon, Chief Executive of Grainger, said: \n\"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 £1.9bn 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.\n\"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 ...