More news this week of Grainger expanding its investment in the Build to Rent sector. Good for Grainger but there's still more to do to unlock the potential of this important contribution to new housing delivery, including:
-Planning. Greater recognition of Build to Rent which still struggles to compete with open market housing. Greater policy encouragement via NPPF is still required.
-Financial. Relaxation to SDLT rules on multiple properties that inadvertently catch out BTR as well as VAT incentives on operation and incentives to ease pressure on front end funding.
-Policy. Recognising the value and contribution that BTR can play in social and economic development making our communities and cities more vibrant and supportive of a dynamic and flexible workforce.
Grainger in JV to buy London developmentMon, 24th Jul 2017 12:44 (ShareCast News) - Listed residential landlord Grainger said it had formed a joint venture with the Local Pensions Partnership to buy a housing development at Pontoon Dock, London for an undisclosed sum. Grainger will have a 20% share of the venture, to be called 'Vesta', and said it will generate long-term fees for management of 154 private rental sector (PRS) units, while LPP will hold the remaining 80%. LPP is managing the investment on behalf of the London Pensions Fund Authority (LPFA). Pontoon Dock scheme is a 236 home PRS, build-to-rent scheme. It forms a new gateway to the Thames Barrier Park in the London Borough of Newham. Grainger will buy the remaining 82 units of the site which will be affordable homes.