Grainger Plc’s trading update following its Capital Markets Day

Grainger Plc has released a trading update that follows its Capital Markets Day at the Enigma Square Build to Rent scheme in Milton Keynes.

Reception at Grainger's Enigma Square Build to Rent scheme in Milton Keynes | BTR News
Reception at Grainger's Enigma Square Build to Rent scheme in Milton Keynes.

Residential and Build to Rent provider Grainger Plc has recently released a trading update that follows its Capital Markets Day held yesterday (27 June 2023) at the Enigma Square Build to Rent scheme in Milton Keynes.

Grainger have provided a trading update for the eight months to 31 May 2023.

The event focused on Grainger’s investment in Milton Keynes at the £63m Enigma Square Build to Rent development, how it is de-risking development delivery and harnessing data and customer insights to drive a robust and strong operational performance.

Developed by Pevril Securities with Bowmer and Kirkland as the contractor, Enigma Square was launched in November 2022, with the new amenities completed the following month.

“Momentum in the business is continuing as we move into the peak summer lettings season and the launch of seven new schemes in the remainder of 2023. Occupancy remains at record levels at over 98% and like-for-like rental growth across our national portfolio is continuing to build whilst remaining mindful of overall customer affordability levels.”

Helen Gordon, Chief Executive, Grainger

The update provides an insight into Grainger’s sales performance and the continuation of momentum in lettings.

The company’s market-leading operating platform continues to deliver value at 7.1% total like-for-like rental growth YTD (HY23: 6.8%) and 98.7% spot occupancy at the end of May (HY23: 98.5%).

Sales performance is currently thriving with vacant sales volumes ahead from this time last year and robust sales pricing on average 1.8% below September vacant possession values YTD.

With 9,737 operational rental homes and a further 5,406 Build to Rent homes in its £1.4bn secured pipeline as at HY23, Grainger have achieved a 62.3% retention rate across its developments, and were named Landlord of the Year at the RESI awards.