The UK’s largest listed residential landlord fully lets 132-home scheme in London in less than four months
Grainger has reported total rental growth of 3.1% for the four months to the end of January.
The growth is in line with market guidance and the build-to-rent firm said it represents a “strong operational performance.” It is however down on the 3.6% growth posted in last year’s accounts. The unaudited update also said its occupancy rate remains high at 96%.
The firm said one of its new build-to-rent developments in London, Seraphina Apartments was fully let in less than four months after completion, which it pointed to as evidence of “strong demand” for its product. The 132-unit scheme was built as part of the Fortunes Dock regeneration scheme in Canning Town, east London.
Grainger completed a 468-home scheme in Bristol called Glasshouse Square and has started work on a £75m, 179-home scheme at Guildford Station with Network Rail. It has also acquired a 195-home build-to-rent scheme in Chiswick through its Connected Living London joint venture with Transport for London’s property arm Places for London.
Grainger said in October it is on track for a 50% increase in earnings over the next five years.
The private landlord as been shifting over the past few years towards the build-to-rent market. It registered as a Real Estate Investment Trust last September in a bid to attract funding from a wider range of investors.
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