Grainger forward funds Tottenham PRS scheme

Grainger has agreed to forward fund and acquire 108 build-to-rent homes in Tottenham Hale, N17, for £41m. Developed by Waterside Places, a joint venture between Muse Developments and the Canal & River Trust, the project is expected to complete in early 2021 and generate a gross yield on cost of 5.5%-6%. The deal adds a further site to Grainger’s footprint in Haringey, which also includes the 163-home Apex House, which is scheduled for completion in 2020. It also marks the first phase of Waterside Places’ £100m Hale Wharf redevelopment in Tottenham. Nigel Franklin, chairman of Waterside Places, said: “Hale Wharf is an exciting development at the heart of one of the mayor of London’s housing zones. Once complete, the wider scheme will deliver up to 505 high quality, canal-side homes, extensive public realm improvements, along with a range of commercial and leisure space.”   To send feedback, e-mail karl.tomusk@egi.co.uk or tweet @karltomusk or @estatesgazette