Grainger plc, the UK’s largest listed residential property owner and manager, today announces that The Royal Borough of Kensington and Chelsea has granted detailed planning permission for 84 new homes across two sites in the borough, comprising 53 new homes on the former car park site at Young Street and 31 new homes at Hortensia Road. Combined, the two developments will have a gross development value of over £110 million (approx. €133.6 million), and construction is anticipated to commence within a year.
Grainger, which was selected in September 2012 by RBKC to develop and manage mixed tenure housing on the council’s land, will deliver a variety of tenure types across the two developments.
More than 50% of the homes across both sites will be built specifically for the private rented sector. These 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. In addition, Grainger will provide flexible commercial space on the ground floor at the Hortensia Road site.
David Walters, Development Director for Grainger plc, said: “Having worked closely with our partner RBKC and the local community we are delighted to have successfully taken these sites through the planning process. We now look forward to demonstrating our considerable expertise in delivering some of the first truly long term professionally managed private rented homes in central London.”
Andrew Cunningham, Chief Executive of Grainger plc, added: “We have been closely involved in the development of the Private Rented Sector, and these schemes demonstrate our expertise at the forefront of our industry.
“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.
Source: FTI Consulting