Grainger plc (LON:GRI), the UK’s largest listed residential landlord and leader in the Build to Rent (BTR) sector with over 11,000 rental homes and a pipeline of c.£1.3bn comprising c.4,500 BTR homes, has announced 50% lease-up performance of 132 BTR homes in less than a month at Seraphina Apartments, the latest phase in its Fortunes Dock cluster in Canning Town. This significant leasing rate, well ahead of expectations, reflects the strong demand for Grainger’s high-quality rental homes, the depth of its operational expertise and the success of its cluster strategy.
Helen Gordon, Chief Executive, said:
“To achieve 50% lease-up in under a month is a fantastic result and a clear demonstration of the demand for our high-quality rental homes. It also reflects the strength of our operational platform and the benefits of our cluster strategy, which enables us to build thriving communities, deliver operational efficiencies and deepen our understanding of local customer needs. Seraphina Apartments is already proving to be a great success, and we look forward to welcoming more residents in the weeks ahead.”
Seraphina Apartments, which reached practical completion earlier this summer, is the third and final phase of Grainger’s Fortunes Dock cluster, bringing the total number of homes in the destination to 412 across three schemes – Argo Apartments, Nautilus Apartments and Seraphina Apartments – and taking Grainger’s total investment in Canning Town to c.£152 million.
Located in Hallsville Quarter, Fortunes Dock benefits from excellent transport connections via the Jubilee Line and DLR, and a vibrant mix of high street and independent shops, cafes, bars and restaurants. Seraphina Apartments offers a range of one, two and three-bedroom homes, alongside extensive shared social and amenity spaces including a residents’ lounge, co-working facilities, games room, gym and wellness space, landscaped podium garden and rooftop terrace.
Grainger, who converted to Real Estate Investment Trust (“REIT”) status earlier this week, remains confident in its strong outlook and its focused strategy to deliver long-term, compounding returns and progressive dividends for its shareholders.
