The first rental homes Grainger will look to develop as part of a new tie-up with Transport for London for thousands of properties will be in Arnos Grove and Southall, the landlord said on Wednesday.
Grainger, the UK’s largest listed residential landlord, gave the update as it reported a 45% jump in rental income to £63.5 million for the year to September. Pre-tax profits rose 30% to £131.3 million.
TfL picked Grainger in April to help it create 3000 rental homes, of which a number will be affordable, across eight sites.
Grainger’s boss Helen Gordon today said the first proposals will be submitted in early 2020 following a public consultation, aiming to build 148 homes in north London’s Arnos Grove and 447 at Southall in west London.
Grainger has a pipeline of more than 9000 rental homes it can deliver. In London, where it is increasingly tough to get on the housing ladder, many people are looking to lease properties for longer.
The shares rose 6.86p to 282.86p.
Estate agent Chestertons today said tenant registrations at its central London lettings offices are up 20% in the year to date.
