22nd Jul 2021 11:45
(Alliance News) - Residential property manager Grainger PLC on Thursday reported a record lease-up for its Gatehouse Apartments build-to-rent development in Southampton.
The 132-home scheme in Southampton city centre is now fully leased after just over three months on the market, exceeding the anticipated 12-month lease-up programme by eight months.
The record interest comes as the UK's post pandemic rental demand hangs in the balance, setting a positive tone for the Newcastle Upon Tyne-based landlord.
"As we emerge from lockdown we are seeing many positive signs across the board in terms of enquiry levels, reaffirming the strong fundamentals of the sector and an enduring demand for well-managed, high quality rental homes," said Chief Executive Helen Gordon.
Gatehouse Apartments is Grainger's first build-to-rent development in Southampton and joins a portfolio spread across London, Manchester and Yorkshire.
Looking ahead, Grainger expects to deliver 1,000 new UK homes including its Southampton branch this year and noted a further 8,850 in the pipeline.
Shares in Grainger were up 1.1% at 299.00 pence in London on Thursday.
By Josie O'Brien; [email protected]
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