Grainger has agreed to forward fund and acquire a 108-home PRS development in Tottenham Hale, North London for c.€47m (£41m). The developer is Waterside Places, a joint venture between national development and urban regeneration specialists, Muse Developments, and the Canal & River Trust. Waterside Places will develop the site and McLaren will construct the scheme which is the first phase of a wider development. Grainger expects this investment to generate a gross yield on cost of between 5.5–6% once stabilised, with completion anticipated in early 2021.
Helen Gordon, Chief Executive of Grainger, said: “We are pleased today to announce our latest investment in Tottenham Hale, one of our target London locations, which will deliver 108 new high quality, purpose-built rental homes and complement our Apex House development close by in Seven Sisters.”
Nigel Franklin, Chairman of Waterside Places, said: “We’re delighted to conclude the deal with Grainger, which forms part of the first phase of development at Hale Wharf, Tottenham. Hale Wharf is an exciting development at the heart of one of the Mayor of London’s Housing Zones. Once complete, the wider scheme will deliver up to 505 high-quality, canal-side homes, extensive public realm improvements, along with a range of commercial and leisure space.”
