Grainger acquires two sites to deliver Build to Rent homes

Grainger plc announces the acquisition of two sites – located in Exeter and Sheffield – to deliver new BTR homes.

Exeter where Grainger has acquired one new site for Build to Rent development | BTR News
Exeter.

Grainger plc announces it has acquired two sites for direct development Build to Rent opportunities – located in Exeter and Sheffield. Combined, the sites will deliver 480 new homes within its planning and legal pipeline.

The site at Exmouth Junction in Exeter has planning for 230 homes – and was a target location due to its strong local economy, under supplied rental market and growth expectations. The consented scheme will deliver 173 Build to Rent homes and 57 Discounted Market Rent homes. The development will also include 4,445 sq ft of internal amenity space and 50 car parking spaces.

The site is situated to the north east of the city centre – and is well located for access to the University of Exeter, the Royal Devon & Exeter Hospital, the Met Office and the City Centre. This is Grainger’s first investment in Exeter and builds on its wider South West of England presence – which currently totals 508 homes.

“Exeter is a growth market underpinned by a growing, youthful demographic and a bottleneck of supply. It’s a great example of where Build to Rent can work away from the major cities and we are delighted that Grainger is the latest partner to join our exciting vision for Exmouth Junction alongside ilke Homes and Places for People.”

Scott Hammond, CEO and Founder, Eutopia Homes

The second site – Brook Place 2 – in Sheffield could deliver up to 250 homes, subject to amendments to the existing planning consent. The site is adjacent to Grainger’s highly successful Brook Place scheme, which opened in 2019 and is now a stabilised and established operational Build to Rent community comprising 237 homes.

This new opportunity in Sheffield is aligned to Grainger’s cluster strategy, bringing the existing cluster of 587 homes to over 1,000 homes when combined with its other pipeline schemes. These clusters provide Grainger with operational efficiencies, enabling the business to drive returns and enhance customer experience.

“We are pleased to acquire these two development sites in Exeter and Sheffield, leveraging our in-house development capabilities and aligned to our national growth strategy. Both cities are very attractive from a Build to Rent investment perspective and will perfectly complement our growing portfolio.”

Helen Gordon, Chief Executive Officer, Grainger

Both sites will be developed by Grainger as one of its many routes to sourcing future schemes. These routes also include forward funding third party developers; acquisition of stabilised assets; and joint venture and partnership arrangements such as its Connected Living London partnership with Transport for London.

Grainger plc, the UK’s largest listed residential landlord has 9,727 operational rental homes and a further 8,373 homes in its £1.9bn pipeline.