Residential landlord Grainger plc has acquired a Build to Rent scheme within phase two of the Hale Wharf Estate in North London, for £28m. Grainger has agreed a forward acquisition of the scheme from Waterside Places – a joint venture between the Canal and River Trust and Muse.
McLaren Construction is the main contractor for the scheme, which will deliver 65 high-quality Build to Rent homes and c.1,900 sq ft of commercial space set across the two blocks. Construction started in March 2022 and practical completion is targeted for August 2024.
It is anticipated that the scheme will cost £31m in total once fitted out and furnished and will generate a gross yield on cost of c.6% once fully let and stabilised.
“We are delighted to secure our second scheme at Hale Wharf, an excellent North London location which appeals to renters looking for a range of amenities and access to nature on their doorstep, whilst also benefitting from excellent transport links across the Capital.
“In addition to strengthening our North London operational cluster, this acquisition also marks the second scheme we will deliver in partnership with Waterside Places, which is a great testament to the success and positive collaboration we have enjoyed with Windlass Apartments.”Helen Gordon, Chief Executive Officer, Grainger
The development is located within the Hale Wharf Estate – a major waterside, mixed-use regeneration site, just ten minutes’ walk from Tottenham Hale rail and underground stations.
The wider regeneration will deliver 505 new homes. This includes 38% affordable housing being delivered in Phase 2, alongside the homes being acquired by Grainger. The 191 council homes will be owned and managed by the London Borough of Haringey.
Hale Wharf is transforming an underutilised urban waterside area. Three new bridges have been delivered – one improving pedestrian connectivity to Tottenham Hale station and another linking the scheme to ‘The Paddock’ nature reserve, which will open shortly.
The new Build to Rent development is located next Grainger’s existing scheme – Windlass Apartments which will include 108 Build to Rent homes – and was also delivered in partnership with Waterside Places. Once complete, the scheme will provide operational efficiencies to the existing development.
“We have worked successfully with Grainger to deliver them a high-quality building in the first phase of Hale Wharf. It’s fantastic that they continue to see the opportunity at Tottenham Hale, to support genuine placemaking and regeneration in an underutilised waterside location.
“With Phase 1 now complete, and new pedestrian connections delivered, the benefits of regeneration are becoming obvious. Critically, this also includes council homes which meets the needs of the community and the objectives of the London Borough of Haringey and the Mayor of London.”Mike Auger, Regional Managing Director – South, Muse
Tottenham Hale is one of the Mayor of London’s priority Housing Zones. Hale Wharf will continue to be delivered by Waterside Places, working in partnership with the London Borough of Haringey, the Mayor of London and contractor McLaren.