Grainger sees strong lease-up for latest Canning Town build

(Sharecast News) - Residential landlord Grainger has announced that its new Seraphina Apartments asset in Canning Town has experienced stronger-than-expected demand, with 50% of units leased out in under a month. The lease-up performance, which the company said was well ahead of expectations, is a "fantastic result and a clear demonstration of the demand for our high-quality rental homes", according to chief executive Helen Gordon.

Seraphina Apartments, which was only completed earlier this summer, is the third and final phase of Grainger's Fortune Dock cluster in Canning Town.

Together with Argo Apartments and Nautilus Apartments, Grainger owns 412 homes across Fortune Dock and has invested £152m in total in Canning Town.

"[The lease-up performance] reflects the strength of our operational platform and the benefits of our cluster strategy, which enables us to build thriving communities, deliver operational efficiencies and deepen our understanding of local customer needs," Gordon said.

"Seraphina Apartments is already proving to be a great success, and we look forward to welcoming more residents in the weeks ahead."

Grainger, which officially converted to a real estate investment trust earlier this week, said it "remains confident in its strong outlook and its focused strategy to deliver long-term, compounding returns and progressive dividends for its shareholders".