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This is the fourth deal under the Government’s £1bn Build to Rent scheme – and the largest to date.
Overall through this innovative new fund, the Government hopes to get work underway on 10,000 new homes for private rent by 2015.
Projects
- 244 homes at the former Anglia Ruskin University site in Chelmsford – including 130 one-bedroom and 113 two-bedroom properties
- 196 homes at Grahame Park, Barnet – including 22 three-bedroom properties
- 25 homes at Madeley Road, Ealing
- 20 homes at Springboard House, Newham
In each case, the Build to Rent homes will form part of wider developments, with affordable housing and home ownership schemes including Help to Buy also available.
The Build to Rent fund is designed to help developers build quality homes specifically for the private rented sector.
Construction is already underway on two projects from Round One of funding allocations in Southampton and Manchester.
Last week a third deal was signed which will lead to 190 homes for private rent across six different sites.
A shortlist of 36 bids for Round 2 of the scheme was announced on 5 March 2014. These projects could deliver up to 6,500 homes for rent.
Margaret Allen, Interim Executive Director of programmes and recoverable investment at the Homes and Communities Agency, said: “This is the largest build to rent scheme we’ve contracted to date and demonstrates that there is an appetite to deliver build to rent on a large scale.
“It is good to work with Genesis Housing Association who have a long term commitment to providing homes for private rent. There are now over 1,000 homes under contract to be delivered through Build to Rent.”
