The UK’s largest listed residential landlord Grainger has set a target of completing one build to rent project every two months for the next two years.
Helen Gordon, CEO of Grainger, said: “The demand for the rental market in the UK remains strong with 20% of all homes in England privately rented, the highest levels since records began in 1980.
“In addition, for the first time we have seen an increase in the number of households renting across the broadest age range of 25-64.”
Reporting a strong set of results for the first half of the year with pre-tax profits up 13% to £41m, she said Grainger was well on course to raise investment for a rapid delivery programme.
“We have secured £439m of private rented sector investment, over half of our £850m target, and have good visibility on additional investment opportunities to meet our overall target.
“We are making good progress delivering our pipeline, and on average we are completing a new PRS building every two months over the next two years.”
She added a further £425m was in the planning or legal process, with several major schemes at advanced stages.
Construction is expected to begin in Autumn this year on a 242-unit build to rent scheme on the Yorkshire Post site in Leeds city centre, costing £42m.
Grainger said it was making good headway in construction on several major PRS schemes, where is was targeting gross yields of 7%-8% once fully let.
Schemes in construction
Clippers Quay – £99m, 614 unit PRS scheme in Salford now half-way complete
Berewood in Hampshire – 104 homes on track to complete this Summer.
Canning Town, London – Construction of Argo Apartments to complete in Autumn this year, which will deliver 134 PRS units.
Finzels Reach, Bristol – construction has just started on 194-unit, £46m build-to-rent development, where completion is expected in 2019.
from Construction Enquirer http://www.constructionenquirer.com/2017/05/19/grainger-to-build-prs-project-every-two-months/
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