Grainger, the UK’s largest listed residential landlord, has announced that its joint venture with Places for London has agreed to forward fund and acquire a 195-home build-to-rent development in West London.
Connected Living London (CLL), the partnership between Grainger and Places for London, the property arm of Transport for London, will acquire the scheme at Chiswick Reach on Bollo Lane. The development will be built by Barratt Redrow, marking Grainger’s first build-to-rent collaboration with a major UK housebuilder.
The £68.4 million purchase price will be split 51:49 between Grainger and Places for London in line with the CLL structure. The development is expected to generate returns within Grainger’s target range for London schemes, with the company also receiving asset management fees.
The scheme has secured detailed planning consent and Gateway 2 approval from the Building Safety Regulator. It will deliver 195 new build-to-rent homes, including 95 discounted market rent properties, alongside 4,299 sq ft of commercial space and 5,499 sq ft of internal amenity facilities for residents, featuring co-working space and a gym.
“We are pleased to announce this strategic milestone in our partnership with Places for London, a new scheme in our JV’s pipeline with construction commencing imminently, delivering 195 high quality rental homes in a well-connected West London location,” said Helen Gordon, Chief Executive of Grainger.
“Working alongside Barratt Redrow on this project represents an exciting development in our approach to delivery partners, opening potential new avenues for collaboration with major housebuilders as we continue to expand our build-to-rent portfolio across the UK.”
Located on former railway land, Chiswick Reach sits an eight-minute walk from both Chiswick Park station on the District Line and South Acton Overground station