Grainger reports record delivery of homes and 12% rise in rental income

Britain’s largest listed residential landlord and build-to-rent developer Grainger has reported a record delivery of homes this year and has seen a 12% increase in its net rental income at £96.5m.

The Newcastle-based landlord has increased its delivery of homes, having completed 1,201 homes across six schemes so far this year. It will deliver a further 439 homes by the end of 2023.

In 2022, Grainger added 669 new homes to its portfolio. 

Grainger has a further 5,634 homes in its £1.6bn build-to-rent pipeline.

Grainger currently has a £3.3bn operational portfolio and owns 10,208 homes across the UK. The company’s private rented sector portfolio represents 77% of its operational portfolio in terms of value.

Grainger announced a new build-to-rent partnership with Network Rail and Bloc Group yesterday, which will see the joint venture forward fund and acquire build-to-rent schemes on sites adjacent to major rail hubs.

In addition, Grainger will acquire a 65-home build-to-rent scheme within phase two of the Hale Wharf Estate in North London. Grainger will buy the scheme off Waterside Places, a joint venture between the Canal and River Trust and Muse. McLaren Construction is the main contractor for the scheme.

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Helen Gordon, chief executive, said: “Despite the macro-economic turbulence which marked the beginning of our financial year, the Grainger business has performed exceptionally well. This performance has been delivered by our market-leading operating platform, robust balance sheet and disciplined approach to capital allocation. Our property valuations held up well, underpinned by strong rental growth”.