UK & Europe
Global law firm Clyde & Co has advised Grainger, the UK’s largest listed residential landlord, on its acquisition of a 108 home PRS development (‘build to rent’) in Tottenham Hale, North London for approximately £41m.
The developer is Waterside Places, a Joint Venture between national development and urban regeneration specialists, Muse Developments, and the Canal & River Trust. It will develop the site and McLaren will construct the scheme, which is the first phase of a wider development that will provide over 500 canalside homes.
The scheme, which has planning consent, is subject to a number of conditions which are to be satisfied prior to construction starting on site, anticipated in early 2019.
Grainger expects the investment to generate a gross yield of up to 5.5-6%, with completion expected by early 2021.
The Clyde & Co team advising on the deal was led by partner John Pearce, with support from partner Will Deeprose, legal director David Blumenthal, senior associate Will Cooper and associates Caroline Morgan-Welker and Russell Banfi.
John Pearce comments: "We're very pleased to have worked with Grainger on another significant PRS project. As many will know, London's housing shortage is acute, so developments like this play a vital role in reducing the shortage."
With a reputation for a deep-rooted understanding of the multi-faceted, commercial, residential and mixed-use property industry, Clyde & Co's Real Estate team provides commercial and practical solutions across all transactional and contentious disciplines.