Grainger plc (LSE:GRI), the UK-listed residential landlord and Build to Rent (BTR) operator, has announced that construction has reached the topping-out stage at Alloy Apartments, its second residential rental development at The Mint in Guildford.
The approximately £75 million project will provide 179 rental homes and forms part of Grainger’s committed development pipeline. Practical completion remains scheduled for early 2028, with the properties expected to become available to renters in mid-2028.
The development was originally announced in 2024 and represents the second phase of Grainger’s investment at the Guildford Station site.
Guildford Developments Represent More Than £116 Million of Investment
Alloy Apartments follows Assay Apartments, the first phase of The Mint development.
Together, the two schemes will provide 277 rental homes, representing combined investment of more than £116 million in Guildford.
Grainger reported that Assay Apartments ended its 2026 financial year fully occupied, with rental growth of 3.6% over the period.
The company cited the occupancy and rental performance of the existing development as supporting its assessment of demand for rental accommodation in Guildford.
Development Pipeline Linked to FY29 Earnings Target
Alloy Apartments is one of three developments currently under construction within Grainger’s committed development pipeline.
The company expects its development programme to contribute towards its target of 35% earnings growth by FY29.
The Guildford project remains on its previously announced construction timetable, with practical completion anticipated in early 2028 before the planned residential launch later that year.
Project Forms Part of £150 Million Guildford Station Regeneration
Alloy Apartments is located adjacent to Guildford Station and forms part of a wider £150 million regeneration programme for the surrounding station quarter.
The development is being delivered in partnership with Solum, a joint venture involving Platform4, Network Rail’s property development company, and Kier Property.
Construction work is being carried out by JJ Rhatigan.
The project involves the redevelopment of land near the railway station to provide additional residential accommodation as part of the broader regeneration programme.
Grainger said the scheme is consistent with its strategy of developing rental properties in locations with public transport connections and established rental demand.
Management and Development Partners Comment
Dame Helen Gordon, Chief Executive of Grainger, commented:
“We are delighted to celebrate the topping out of our second Build to Rent scheme at Guildford Station alongside our partners Network Rail, Platform4, Solum and Kier Property.
“Reaching this milestone is a testament to the strength of our partnerships and the progress being made in delivering much-needed new homes in well-connected locations. As we continue to progress our committed development programme, Guildford is a great example of how public and private sector organisations can work together to unlock under-utilised land, support regeneration and deliver high-quality homes where people want to live.”
Alan Peelo, Chief Financial Officer at Platform4, said:
“Our purpose is to turn ambition into reality – to help create places and see them take shape. Reaching this milestone reflects years of dedication, hard work and commitment. Ultimately, partnerships are judged by what they deliver, and this development is a great example of what can be achieved when we work together.”
Leigh Thomas, Group Managing Director of Kier Property and Head of Solum, added:
“Reaching the topping-out milestone is a proud moment for everyone involved. Through our partnership with Grainger, Network Rail and Platform4, we’re helping to bring 179 new rental homes to Guildford and make better use of land around the station. The development is an important part of the wider station-quarter regeneration, creating a well-connected place to live and supporting Guildford’s continued growth.”
More About Grainger PLC
Grainger plc is a UK-listed residential landlord operating in the Build to Rent sector.
The company invests in and manages residential rental properties, with a development programme focused on locations with established rental demand and transport connections.
Its Guildford investments include Assay Apartments and Alloy Apartments at The Mint, which together are expected to provide 277 rental homes.
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