StockMarketWire.com - Grainger said Tuesday construction had commenced at its latest private rented sector development at Hale Wharf in Tottenham Hale, London.

The news comes after the announcement in November 2018 after Grainger exchanged contracts with Waterside Places to forward fund and acquire a building within the wider Hale Wharf scheme.

Grainger would deliver 108 new modern homes and up to 2,000 square feet resident amenity space, designed specifically for the rental market.

The scheme complements Grainger's two other nearby PRS development schemes; Apex House (163 homes) and Seven Sisters Regeneration scheme (196 homes), also in the London Borough of Haringey.

'These three schemes will provide Grainger with significant scale in this part of London totalling 467 new homes, reflecting the company's strategy to have clusters of assets within close proximity to each other to support operational efficiencies,' the company said.

Construction was expected to complete in the second quarter of 2021, and once fully let and stabilised, the £41m scheme was anticipated to deliver a gross yield on cost of between 5.5-6%.


At 9:42am: [LON:GRI] Grainger PLC share price was +2.6p at 250.6p



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