Grainger secures consent for Kensington & Chelsea build-to-rent residential developments
The Royal Borough of Kensington and Chelsea (RBKC) has granted Grainger detailed planning permission for 84 new homes across two sites in the borough.
The developments comprise 53 new homes on the former car park site at Young Street and 31 new homes at Hortensia Road, and combined will have a gross development value of over GBP110m.
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 per cent 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, says: “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.”
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