Grainger has agreed to forward fund a 146-home build-to-rent block within the Hallsville Quarter development at Canning Town, London, putting up £62m. The scheme also includes 12,500 sq ft of commercial space.
The developer is Linkcity (previously called Bouygues Development) and the building contractor is Bouygues UK. This is the fourth PRS scheme Linkcity and Bouygues UK will deliver for Grainger.
Grainger has an existing portfolio of PRS investments in east London. The Hallsville Quarter development is just 200 metres from its Argo Apartments and close to the forthcoming Pontoon Dock scheme, also being developed by Linkcity and built by Bouygues, which is due to reach practical completion in late 2019.
The PRS scheme has detailed planning consent and is located within phase three of the Hallsville Quarter development, which is itself a joint venture between Linkcity and the London Borough of Newham. The development is part of London Borough of Newham's £3.7bn Canning Town and Custom House Regeneration programme. Over five phases, the masterplan for Hallsville Quarter will deliver 1,100 homes with a variety of tenures, as well as 323,000 sq ft of leisure and retail space and 32,000 sq ft of space for community facilities.
Grainger chief executive Helen Gordon said: "We are pleased to further strengthen our London presence with this acquisition, which will deliver 146 high quality homes for rent in London, one of our top target cities. The area is undergoing significant regeneration, and we know from our experience with Argo Apartments that this is a very popular location to live, with such great access to the wider city. Upon completion of this project, Grainger's east London cluster will comprise 534 purpose-built PRS homes."
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