Grainger is to forward fund and buy a 401-home build-to-rent scheme in Southall, west London, for £141m.
Merrick Place, which forms part of Network Homes’ wider development adjacent to the new Crossrail station, will also deliver more than 18,000 sq ft of office space, 3,541 sq ft of flexible commercial floorspace, 5,253 sq ft of internal residents’ amenity and over 17,000 sq ft of external space.
Construction of Merrick Place is expected to commence in December, with practical completion in mid-2025. It is anticipated that the scheme, including the commercial element, will generate a gross yield of 5.75% once fully let.
Grainger is also working on Southall Sidings, a BTR scheme of 460 homes near Merrick Place. The project, which recently received planning consent, is part of Grainger’s partnership with Transport for London, via its Connected Living London joint venture.
Grainger chief executuive Helen Gordon said: “Merrick Place is an excellent addition to our existing portfolio in and around west London and will benefit from both operational efficiencies and opening of Crossrail. This acquisition marks a further exciting investment for Grainger as we continue to deliver on our strategy in the fast-growing UK build-to-rent sector.”
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