Major North London waterside regeneration project to deliver over 500 new homes

Residential landlord Grainger plc has announced the acquisition of a 65-home build-to-rent scheme within phase two of the Hale Wharf Estate in North London.

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. In addition to the 65 high-quality PRS homes, the scheme includes 1,900 sq. ft of commercial space set across the two blocks.

The site is located next to Windlass Apartments, Grainger’s existing 108-home build-to-rent development, which was also delivered in partnership with Waterside Places, and upon completion, will provide operational efficiencies to the existing development.

The Hale Wharf Estate is a major waterside, mixed-use regeneration site, just 10 minutes’ walk from Tottenham Hale rail and underground stations.

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.

The wider Hale Wharf Estate will deliver 505 new homes, including 38 per cent affordable housing which is 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 already transforming an underutilised urban waterside area. Three new bridges have already been delivered, one improving pedestrian connectivity to Tottenham Hale station and another linking the scheme to ‘The Paddock’ nature reserve, which will open shortly.

Construction of the development commenced in March 2022, with practical completion 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 6 per cent once fully let and stabilised.

Helen Gordon, Chief Executive Officer of Grainger, commented: “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 benefiting 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.”

By Matthew Neville – Senior Correspondent, Bdaily

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