Grainger plc Share News (GRI)

(Sharecast News) - Grainger on Tuesday reported that construction has begun at its latest private rented sector development at Hale Wharf in Tottenham Hale, London.The project will see the construction of 108 new modern homes and up to 2,000 square feet of resident amenity space, designed specifically for the rental market and sitting nearby Grainger's two other nearby PRS development schemes, Apex House and the Seven Sisters Regeneration scheme, which are also in the London Borough of Haringey.The three schemes will deliver 467 new homes to North London over the next two to three years according to Grainger.Helen Gordon, chief executive of Grainger, said: "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."Once fully let and stabilised following the target completion date in the second quarter of 2021, the approximately £41m scheme is anticipated to deliver a gross yield on cost of between 5.5-6%.Nigel Franklin, chairman at Waterside Places, said: "We're delighted to now be on site for the first phase at Hale Wharf, which will be delivered by McLaren Construction and look forward to working closely both with them and Grainger over the coming months. Our focus is to deliver high-quality urban waterfront schemes that deliver diverse and sustainable places."Grainger's shares were up 0.97% at 250.40p at 0945 GMT.