Grainger in £41m London private rental development deal

Listed residential landlord Grainger said it had agreed to forward fund and buy a 108 home private rental development in Tottenham Hale, North London for £41m.

The developer is Waterside Places, a Joint Venture between national development and urban regeneration specialists, Muse Developments, and the Canal & River Trust.

Grainger said expected the investment to generate a gross yield on cost of between 5.5-6% once stabilised, with completion anticipated in early 2021.

“This is a highly attractive investment opportunity and meets Grainger's strict and disciplined investment criteria. The scheme builds on Grainger's existing portfolio of private rented sector investments in Haringey which will provide scale and operational efficiencies once practical completion has occurred,” the company said.