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Grainger reaches practical completion on Canning Town apartments
(Sharecast News) - Grainger has announced the practical completion of Seraphina Apartments on Wednesday, the third phase of its Fortunes Dock build-to-rent (BTR) cluster in Canning Town, East London. The FTSE 250 company said the development added 132 new rental homes, bringing the total number at Fortunes Dock to 412 across three schemes, with Grainger's total investment in the area now reaching £152m.
Seraphina Apartments was due to launch later in the summer, and formed part of Grainger's cluster strategy, which focuses on developing multiple schemes in close proximity to drive operational efficiencies and deepen local market expertise.
The company said the strategy had proven successful in other locations, including Millwrights Place in Bristol, which reached 95% lease-up within a year.
"Seraphina Apartments is the final piece in our Fortunes Dock, Canning Town cluster, bringing to completion a vision that has already transformed the area into a vibrant community," said chief executive officer Helen Gordon.
"Building on the success of our two existing developments, Argo Apartments and Nautilus Apartments, Seraphina delivers yet more high-quality build-to-rent homes designed with our customers in mind."
The development comprises two buildings of 14 and nine storeys, offering a mix of one, two, and three-bedroom apartments.
At 0928 BST, shares in Grainger were flat at 219p.
Reporting by Josh White for Sharecast.com.
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