Financial results from Grainger, which is already the UK’s largest listed residential landlord, reveals the potential profits to be made by investors in the country’s growing Build To Rent sector.
For the year ended September 30 the company - which at the start of the year set out an objective to ultimately invest £850m in Build To Rent, and overtly refocussed its activities to concentrate on this sector - showed a 64 per cent increase in pre-tax profits, to £84.2m
Its report to the City yesterday revealed that its Build To Rent pipeline is ahead of schedule, with £389m of the investment target secured and a further £347m in the planning or legal process.
Its most recent scheme, announced earlier this week, is a £45.7m development at Finales Reach in Bristol.
"The private rented sector growth opportunity is very compelling. With capacity to invest and a repositioned business, we are well placed to significantly improve our income and shareholder returns as we achieve our strategic objectives” says Helen Gordon, chief executive of Grainger.
“The new financial year started well, we have secured new investments, further developed our [Build To Rent] pipeline and the benefits are starting to come through from the actions taken to reduce costs” she adds.