LONDON (Alliance News) - Grainger PLC on Tuesday said that construction has started on the private rented sector development at Hale Wharf in north London.
In November, the FTSE 250-listed residential landlord agreed to acquire and forward fund the development for GBP41 million.
Grainger will deliver 108 new homes on the site and 2,000 square feet of resident amenity space, which is space where resident can carry out household and leisure activities.
Construction is expected to be completed in the second quarter of 2021, and once fully let the scheme is expected to deliver a gross yield on cost of between 5.5% to 6%.
"We are pleased with the swift progress to commence construction at Hale Wharf, as well as the progress made across our other two PRS development schemes in Haringey. Last week saw the topping out of our 22 storey PRS development, Apex House, and earlier in the year we received confirmation from the Secretary of State that the compulsory purchase order required for our Seven Sisters scheme can proceed," said Chief Executive Helen Gordon.
Shares in Grainger were up 1.2% at 251.00 pence on Tuesday.
Grainger plc (GRI)