StockMarketWire.com - Grainger has acquired its first build-to-rent scheme after agreeing to buy the residential element of a major regeneration scheme in Barking town centre being carried out by Bouygues Development.

Grainger will pay a total consideration of £13.7m, with an initial deposit and the balance of the payment due on practical completion in 2015.

Grainger also announced that as development partner for the Defence Infrastructure Organisation and the HCA, it has submitted a major planning application to Rushmoor Borough Council for the 255 hectare former Aldershot Garrison site, known as Wellesley or the Aldershot Urban Extension (AUE).

The outline planning application will pave the way for up to 3,850 new homes, of which 35% will be affordable homes, two new primary schools, around 110 hectares of new green space, sports and community facilities and the refurbishment of six listed buildings, including the Cambridge Military Hospital.

The development is due to start in 2014 with the first phase of 228 homes. It is likely that the development will take 15 years to complete.



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