Grainger boosts east London presence with fourth Linkcity deal

Grainger has agreed to forward fund and acquire a 146-home, PRS development in Canning Town, E13, for £62m. The deal will see the residential developer increase the size of its east London cluster to 534 homes. The Hallsville Quarter development, being built by developer Linkcity and contractor Bouygues, will also include 12,500 sq ft of commercial space. Grainger expects this investment to generate a gross yield on cost of 5.5% once stabilised, with completion anticipated in late 2022. Helen Gordon, chief executive of Grainger, said: “The area is undergoing significant regeneration, and we know from our experience with Argo Apartments that this is a very popular location in which to live, with such great access to the wider city.” See also: Helen Gordon: Partnerships can provide a quicker fix to housing crisis This is the fourth PRS scheme Linkcity and Bouygues UK will work on for Grainger. The project builds on Grainger’s existing portfolio of PRS investments in east London and is positioned just 200 metres from Argo Apartments and close to the forthcoming Pontoon Dock scheme, also developed by Linkcity and built by Bouygues UK, which is due to reach practical completion in late 2019. The scheme, which has detailed planning consent, is part of Newham’s £3.7bn Canning Town and Custom House Regeneration programme. The development is a joint venture between Linkcity and the London Borough of Newham. The transaction is subject to various conditions. Once these have been met and the transaction becomes unconditional, anticipated in late 2019, the scheme will be fully secured and construction will commence. To send feedback, e-mail anna.ward@egi.co.uk or tweet @annaroxelana or @estatesgazette