Grainger plc has announced it will forward fund a £55.5m build-to-rent scheme in the Hallsville Quarter development at Canning Town
The Hallsville Quarter scheme will provide 132 homes with around 11,000 sq ft of commercial space.
The commercial space will be developed by Linkcity, with Bouygues UK as the building contractor.
This is the fifth Private Rented Sector (PRS) scheme Linkcity and Bouygues UK will deliver for Grainger.
This build-to-rent scheme will be the third of Grainger’s projects in Canning Town, and is positioned adjacent to Grainger’s second development in Hallsville Quarter, announced earlier this year.
The build-to-rent scheme at Hallsville Quarter is subject to the satisfaction of various conditions. Once these have been satisfied, which is anticipated in early 2020, the scheme will be fully secured.
Helen Gordon, chief executive of Grainger, said: “We are pleased to further strengthen our London presence with this acquisition, which will deliver 132 high-quality homes for rent in one of our top target cities.
“The Canning Town area is undergoing significant regeneration, and we know from our experience with Argo Apartments that this is a very popular location to live, with such great access to the wider city.
“Upon completion of this project, Grainger’s east London cluster will comprise 748 purpose-built homes, providing scale and operational efficiencies.”
Construction will commence in late 2021, and completion is anticipated in late 2024.
What is Hallsville Quarter?
Forming part of the £3.7bn Canning Town and Custom House Regeneration Programme, Hallsville Quarter is the new £600m town centre that is being created to establish a lasting legacy for Canning Town.
It will act as the catalyst for the transformation of the wider area, helping to form a new, thriving and prosperous district centre for this emerging area of east London.
This scheme is being delivered over five phases and it will provide approximately 1,100 homes with a variety of tenures, over 30,000 m2 of leisure and retail space, and community facilities. New pedestrian links and cyclist provision are also included, as well as 1,100 secure parking spaces.
