Residential landlord close to starting 2,500-home Newlands development.Residential developer and landlord Grainger has reported half year pre-tax profits up seventeen-fold on the same period last year to £65.2m.The firm, which holds thousands of residential properties in the UK, also saw its Net Asset Value rise by 13%.
The firm secured planning permission in March to build 2,500 schemes at Newlands near Waterlooville to a Robert Adam-designed masterplan. It said it would start to sell serviced plots to housebuilders as soon as infrastructure was installed, producing regular income until 2025.
It also said it had seen evidence of rising rents, particularly in London.Robin Broadhurst, Chairman of Grainger plc, said: “General house prices have remained broadly stable over the last six months although liquidity and transaction volumes remain low.
“Grainger has continued to respond to this environment by rebalancing its portfolio to geographic locations where economic activity and therefore the potential for capital appreciation is higher.
“We remain confident in the ability of our well located, cash generative portfolio to outperform the market.”