Mace wins £100m London rental tower

Grant Prior 11 years ago
Share

Mace and Essential Living will develop the UK’s largest private rental scheme at Elephant and Castle in south London.

The £100m tower will be 44-storeys high and contain 462 apartments to rent.

The scheme will see institutional investment used for the first time in the UK to build a large-scale residential rental development.

Mayor of London Boris Johnson hopes the scheme will act as a blueprint for future projects to attract more institutional investment to solve the capital’s housing crisis.

Institutional backing for the scheme has been secured via M3 Capital Partners and Mace will be main contractor on the job.

Homes in the tower, designed by Rogers Stirk and Harbour architects, will also be available on long leases and will mirror similar style longer-term rental apartments in large cities in the US.

The tower will also include a new theatre space for the Southwark Playhouse and a café as well as retail and marketing space.

Johnson said: “This ‘holy grail’ of investment in the riskier pre-development stage is a hugely important milestone but it is just the beginning.

“I want to entice other institutional investors to come forward and invest in quality homes for Londoners, boosting the economy and creating thousands of new jobs.”

David Grover, COO for Investment at Mace said: “We are delighted to have been appointed as developer partner on Newington Butts.

“This fantastic development will help deliver the Mayor’s vision for future living in London, a completely new type of rental offer in the London market, and we are proud to play our part.”

Darryl Flay, chief executive of Essential Living, said:  “With a quarter of Londoners now renting mainly from amateur landlords, it is vital that we create a branded sector that can deliver real quality for the first time.

“Because we manage the homes we build for rent, it enables us to take a long term approach to development, which differs hugely from traditional housebuilding.”

Work on the tower will begin early next year and it is earmarked for completion in 2017.

Latest project news

Galliford Try to upgrade Red Arrows base

Contractor seals quartet of RAF base upgrades
7 months ago

Galliford Try bags £87m Brent Cross build to rent job

Firm picks up another three blocks at Argent's North London £8bn regeneration scheme
8 months ago

Balfour starts £67m Edinburgh school campus

Passivhaus certified campus buildings will replace Liberton High School
8 months ago

Red wins Bristol retirement village £14m expansion

44 extra care flats to be built at former Frys chocolate factory
8 months ago

Caddick bags UK’s largest fertiliser plant job

Yorkshire contractor seals £28m contract for new plant in Yorkshire
8 months ago

Mace wins concrete bunkers for world’s most powerful laser

Firm will build two 7m tall bunkers with 2m thick radiation resistant concrete walls
9 months ago

Robertson to deliver £20m Alloa Wellbeing Hub and school

Design work will now start on Wellbeing Hub and Lochies primary school
9 months ago

Green light for Canada Water next phase of 380 homes

Zone G plan includes major resi tower, supermarket and park
9 months ago

Mace to start £230m Landsec London office job

Timber Square project will pioneer a hybrid cross laminate timber and steel superstructure
9 months ago

British Land multi-storey logistics hub approved

London urban last-mile logistics hub pipeline hits £1.3bn
9 months ago

£350m Birmingham triple tower scheme approved

Vast curving Ringway Centre to be demolished for 1,750 flats development
9 months ago

Midgard lands £245m Tottenham Hale towers

Three towers of up to 38 storeys complete north London regeneration scheme
9 months ago

Go-ahead for Wates £35m Hartlepool leisure centre job

Work on the Highlight waterfront centre to start in November
9 months ago

Green light for 690-home Birmingham Smithfield scheme

Prosperity Group plans to start work in Autumn next year on major Smithfield scheme
9 months ago

Go-ahead for 289 homes next to Saltaire World Heritage site

Ambitious plan to demolish a vacant Bradford office complex for new residential quarter
9 months ago

Plans in for 800-bed Leeds student and retail scheme

Major scheme will replace The Core shopping centre in the city
9 months ago

McAleer & Rushe awarded £60m Barking flats job

Work to start in November on near 200 rental homes project
9 months ago

ISG clinches £155m Cat D prison expansion

Firm to deliver 780 new places at three existing prison locations
9 months ago

27-storey Salford student tower approved

540-bed student block to be built on former site of McDonalds' regional HQ
9 months ago

Morgan Sindall £48m Dumfries school job approved

Building work to start before the end of 2023
9 months ago

Bouygues/Murphy JV tipped for £2.3bn Thames tunnel job

Frontrunner emerges for Lower Thames Crossing 4.2km tunnel job
9 months ago

Vinci/McAlpine JV to start £105m NHS rehabilitation centre

Treasury clears New Hospital Programme job to start main construction
9 months ago

Three giant lab buildings approved at £700m Oxford R&D district

Phase 2 Oxford North office and lab buildings to deliver 460,000 sq ft of space
9 months ago

RG Group to build tallest student block in the world

Contractor confirmed on 45-storey tower in Leeds
9 months ago

Vinci wins major St Helens town centre revamp

£90m first phase includes new market hall, 120-bed hotel and over 60 flats
9 months ago

Work to start this year on Manchester £250m spa resort

Developer Therme gets green light for re-engineered 28-acre Trafford complex
9 months ago

Barhale JV sign-off for £18m Dewsbury sewage works upgrade

Project forms part of Yorkshire Water’s £500m investment in Phosphorous removal
9 months ago

Murphy seals main build on £124m Essex station

Contractor lands main contract after successful start on enabling works package
9 months ago

GMI lands latest £42m phase of lab cluster

Citylabs life sciences complex in Manchester continues to grow
9 months ago

Green light for Canada Water commercial scheme

Twin-tower scheme will offer "a new type of office for London"
9 months ago

Contractor services