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(Sharecast News) - Residential landlord Grainger said on Thursday that construction has begun on its second buildtorent scheme at Guildford Station, adding 179 new homes as it continues to expand its presence in the town.
Grainger said the project forms part of its cluster strategy and builds on the 98 homes already delivered at The Mint, taking its total investment in Guildford to more than 116m. The scheme was being developed with Solum, the joint venture between Network Rail's property arm and Kier Property, and marks the partnership's second project at the station.
The FTSE 250-listed firm said the site's strong transport links fit its focus on wellconnected assets close to major employment hubs, adding that the development also sits within the wider 150m regeneration of the station quarter, which includes upgraded station facilities, improved pedestrian access and a new multistorey car park.
Grainger said construction was scheduled to complete in 2028, with leasing to begin thereafter, contributing to earnings from FY28 in line with previous guidance.
Chief executive Helen Gordon said: "Working with our partners Network Rail and Solum, we are delighted to deliver our second BTR scheme at Guildford Station. This scheme exemplifies our strategy of investing in well-connected locations with strong rental demand, while leveraging our cluster approach to deliver operational efficiencies and a great customer experience.
"This landmark regeneration project builds on our successful partnership with Network Rail, which has delivered 857 rental homes and includes plans for up to 2,000 more. It reinforces our commitment to creating thriving communities and delivering long-term value for our shareholders."
As of 0815 GMT, Grainger shares were up 0.84% at 191.60p.
Reporting by Iain Gilbert at Sharecast.com
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