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£110m London build to rent schemes approved
Residential developer Grainger has got the green light for 84 homes across two sites in west London.
The Royal Borough of Kensington and Chelsea has given detailed planing for 53 homes on the former car park site at Young Street and 31 homes at Hortensia Road.
Work will start on both developments with a development value of more than £110m within a year.
Grainger, which was selected in September 2012 by the council to develop and manage mixed tenure housing on the council’s land, will deliver a variety of tenure types across the two developments.
Half the homes will be managed by Grainger under a 125 year agreement, for which they will receive a management fee.
The Council will retain the freehold and will share a proportion of the long term rental income stream with Grainger.
A proportion of the development at Hortensia Road will be affordable housing, including six four-bedroom family houses.
Andrew Cunningham, Chief Executive of Grainger, added: “We have been closely involved in the development of the private rented sector.
“This innovative scheme will provide much needed homes for a variety of tenure types in central London, and I believe this could become an appropriate model for other Local Authorities and developers to adopt who are looking to provide homes for the private rented sector.”
The schemes were designed by Assael architects. DP9 were the planning consultants.
Grainger Hortensia Road scheme seen from King's Road in London