Grainger ramps up PRS pipeline to 25 projects

Aaron Morby 5 years ago
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Private rental homes developer Grainger has built up a development pipeline of 25 schemes as it strives to double the size of its portfolio of buildings.

16-storey Millwrights Place in Bristol is latest private rental project to be added to growing development pipeline
16-storey Millwrights Place in Bristol is latest private rental project to be added to growing development pipeline

The schemes due for development, include seven sites from a partnership with Transport for London, and represent 8,600 homes.

Today Grainger revealed that 15 of these projects are now under construction, representing a £734m investment in the secured pipeline.

A further £600m would be invested in its joint venture with TFL, while a further £603m of opportunities were at planning and legal stages. These planned projects could deliver over 5,000 homes.

This morning chief executive Helen Gordon revealed Grainger had also agreed to forward fund and acquire a 231-home planned 16-storey scheme in Bristol, known as Millwrights Place, located opposite its Finzels Reach scheme with developer Cubex Land.

“Since the start of our strategy in 2016 we have committed investment of £1.5bn into new private rental housing,” she said.

“During the year, we have completed 912 new private rental homes, with a further 1,150 to come in FY20.

“Our most recently launched schemes in Bristol, Manchester and Hampshire are leasing well and ahead of expectations.”

She added: “I am also pleased to announce we have agreed to acquire our second scheme in Bristol.

“Millwrights Place is adjacent to our Hawkins & George scheme at Finzels Reach. The scheme will be acquired from Cubex Land, who also developed Hawkins & George.

“The 231 private rental homes at Millwrights Place will perfectly complement Hawkins & George, creating a cluster of assets in Bristol city centre, enabling us to efficiently manage both sites together.”

 

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