PRS developer plans surge of new building
Posted on May 30, 2017
Private rental scheme (PRS) developer Grainger has unveiled plans to build six new apartment developments in the next two years.
The company has just presented shareholders with half-yearly results showing a 13 per cent rise in pre-tax profits to £41 million. It said this reflects the current favourable climate and it will prompt the construction of more new developments.
Noting that 20 per cent of all homes in England are now privately rented – the highest proportion on record – chief executive Helen Gordon said now is an ideal time for further investment and said fundraising efforts will reflect this.
She added: “We have secured £439 million of private rented sector investment, over half of our £850 million target, and have good visibility on additional investment opportunities to meet our overall target.
“We are making good progress delivering our pipeline, and on average we are completing a new PRS building every two months over the next two years.”
The company’s current plans include the £46 million Finzels Reach development in Bristol. When it is finished in 2019, it will contain 194 homes.
In addition to this, the firm has £425 million of further schemes in the planning or legal stage, Ms Grainger noted.
These is a demonstration of how PRS schemes have not just spread beyond London to other major cities across the country, but also to towns within commuting distance of the capital.