Private housing landlord to invest more than £2bn developing new rented homes
Rented housing specialist Grainger has boosted its development pipeline to more than 9,000 homes, according to its end-of-year results, published today.
The build-to-rent developer said its development pipeline of private rented sector (PRS) homes had hit 9,104 – more than 500 homes more than at the time of its September trading update.
The firm said its strong financial growth, which saw rental income rise by 45% and pre-tax profit rise by 30%, meant it will continue to deliver its development pipeline “at pace”, with more than 1,000 homes completing next year.
Since the last update, the firm said it had signed deals to fund a 146-home PRS scheme in Canning Town as part of the Hallsville Quarter development, and to acquire the 231-home Millwrights Place scheme in Bristol.
The firm said the development value of its development pipeline now exceed £2bn, made up of £732m of secured deals, £683m of schemes requiring legal or planning sign-off, and a further £600m of projects from a partnership agreement signed earlier in the year with Transport for London. This will see Grainger build 3,000 homes over the next five years.
Chief executive Helen Gordon said in statements to the city that the firm’s returns could double “as our development pipeline completes, and we are now delivering at pace.”
She added: “The continued structural growth story with continuing undersupply of rental homes compared to demand, provides a strong positive outlook for sustainable rental growth for years to come.”
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