Grainger's record lease-up in Southampton sets a positive tone for post pandemic rental demand
Landlord reports strong interest as it delivers five new schemes and c.1,000 homes this year
Grainger plc, the UK's largest listed residential landlord, has achieved a record lease-up for Gatehouse Apartments, its first Build-to-Rent (BTR) development in Southampton. Launched at the end of March this year, the 132-home scheme in Southampton city centre is now fully leased after just over 3 months, over 8 months ahead of the anticipated 12-month lease-up programme.
Comprising one- and two-bedroom apartments, the new development located on East Street offers residents a 24-hour gym, co-working space, lounge, private dining area and a stunning roof terrace with views across the city. Grainger's inhouse Resident Services team are on hand to help residents with anything they need and free superfast 250mbps wi-fi is available throughout the development.
Gatehouse Apartments is the first of five BTR developments, totalling c.1,000 homes, Grainger is delivering this year, with schemes in Greater Manchester, North London (x2) and Leeds, currently in lease-up, or launching imminently.
Demand for The Filaments, a 386-home BTR development in Salford, Greater Manchester, is also proving strong. Launched in April 2021, The Filaments is already over 40% leased-up and progressing well ahead of schedule.
Recent weeks have seen significant uplift in both enquiry and sign-up levels across Grainger's portfolio, with many positive signs for the recently launched Windlass Apartments and Apex Gardens developments in Tottenham, London, and the upcoming launch of The Headline in Leeds.
Helen Gordon, Chief Executive, Grainger plc said: “Our Gatehouse Apartments development in Southampton has performed remarkably well and significantly ahead of schedule and expectations, both in terms of timing and rental performance. 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. We look forward to welcoming our newest residents in Southampton, Salford, Leeds and London over the coming months.”
In addition to the c.1,000 new homes to be delivered this year, Grainger has a further c.8,850 homes in its development pipeline, which will see the residential landlord double in size over the next five years.