Acquisition of two sites for direct developmentSource: RNS
17 November 2021
("Grainger", the "Company", the "Group")
Grainger acquires two sites for build-to-rent direct development
· Exmouth Junction, Exeter: potential for 230 PRS homes
· Brook Place 2, Sheffield: potential for up to c.250 PRS homes
Grainger plc, the UK's largest listed residential landlord with 9,727 operational rental homes and a further 8,373 in its £1.9bn pipeline, today announces that it has acquired two sites for direct development build-to-rent opportunities, totalling a potential c.480 new PRS homes within Grainger's planning and legal pipeline.
Exmouth Junction in Exeter benefits from having planning consent for 230 homes. This will be the first investment for Grainger in Exeter, identified as a target location due to its strong local economy, under supplied rental market and growth expectations. This acquisition builds on Grainger's wider South West of England presence which currently totals 508 homes.
Situated to the north east of the city centre, the site is well located for access to the University of Exeter, the Royal Devon & Exeter Hospital, the Met Office and the City Centre itself.
The consented scheme would see the following delivered;
§ 173 PRS homes
§ 57 Discounted Market Rent homes
§ 50 car parking spaces
§ 4,445 sqft of internal residents' amenity space
Brook Place 2 in Sheffield could deliver up to 250 PRS homes, subject to amendments to the existing planning consent. The site is adjacent to Grainger's highly successful Brook Place scheme, which opened in 2019 and is now a stabilised and established operational build-to-rent community comprising 237 PRS homes. This new opportunity is aligned to Grainger's cluster strategy, bringing the existing cluster of 587 homes to over 1,000 homes when combined with its other pipeline schemes.
These clusters provide Grainger with operational efficiencies, enabling the business to drive returns and enhance customer experience.
The two sites will be developed by Grainger as one of its many routes to sourcing future schemes. These routes also include forward funding third party developers; acquisition of stabilised assets; and joint venture and partnership arrangements such as its Connected Living London partnership with Transport for London.
Helen Gordon, Chief Executive Officer of Grainger, said:
"We are pleased to acquire these two development sites in Exeter and Sheffield, leveraging our in-house development capabilities and aligned to our national growth strategy. Both cities are very attractive from a build-to-rent investment perspective and will perfectly complement our growing portfolio."
For further information:
London Office Tel: +44 (0) 20 7940 9500
Newcastle Office Tel: +44 (0) 191 261 1819
Camarco (Grainger PR)
Ginny Pulbrook / Geoffrey Pelham Lane
Tel: +44 (0) 20 3757 4992/4985