Grainger PLC Transport for London PRS Build to Rent Partnership (5758U)
01 April 2019 - 5:00PM
UK Regulatory
TIDMGRI
RNS Number : 5758U
Grainger PLC
01 April 2019
1 April 2019
Grainger plc
Grainger selected by Transport for London for PRS Build to Rent
Partnership
Potential to deliver over 3,000 homes across eight seed
sites
Grainger plc, the UK's largest listed residential landlord with
over 8,200 operational rental homes, today announces that it has
been selected by Transport for London (TfL) as its preferred bidder
for a major strategic partnership. Together TfL and Grainger will
deliver over 3,000 new homes across eight seed sites in London,
with a minimum of 40 per cent affordable homes on all new planning
consents, and the remainder predominantly for the private rental
market.
Grainger's long history and deep experience in owning and
managing rental homes in the UK, customer-focused approach, and
commitment to providing mid-market rental homes aligned to local
residents' wages.
The partnership, a joint venture structure of 49:51
(TfL:Grainger), is expected to deliver the homes over a first phase
of sites, which is anticipated to include:
-- Limmo Peninsula, Canning Town, Newham (potential for up to 1,500 homes)
-- Southall Sidings, Ealing (potential for up to 400 homes)
-- Nine Elms Tube station, Lambeth (potential for up to 400 homes)
-- Armourers Court, Woolwich, Greenwich (potential for up to 400 homes)
-- Hounslow West Tube station, Hounslow (potential for up to 350 homes)
-- Cockfosters Tube station, Enfield - (potential for up to 300 homes)
-- Arnos Grove Tube station, Enfield - (potential for up to 100 homes)
-- Montford Place, Kennington, Lambeth - (potential for up to 100 homes)
The sites are located adjacent to TfL stations, providing
excellent transport connections for future residents.
Work has commenced on the early stages of the planning
application process for a number of the schemes. Build to Rent is
one aspect of TfL's wider programme to provide a long-term
development pipeline, delivering an initial 10,000 homes across 320
acres, with a target to start construction on the sites by
2021.
James Murray, Deputy Mayor for Housing & Residential
Development said:
"This is an important and significant new opportunity to unlock
well-connected TfL sites for new rented homes for thousands of
Londoners. By offering genuinely affordable homes, alongside the
right to longer tenancies for all, we want these new developments
to help set the standard for 'Build to Rent' housing in
London."
Dan Lovatt, Head of Build to Rent at Transport for London,
said:
"Build to Rent is a really exciting programme and we're thrilled
at the prospect of working with Grainger PLC to build the homes
that our city desperately needs. This long-term partnership
provides us with an unrivalled opportunity to deliver affordable,
high quality homes at pace while also generating significant
ongoing revenue to reinvest back into the transport network."
Helen Gordon, Chief Executive of Grainger, said:
"We are delighted to be selected by TfL to work with them to
deliver over 3,000 homes for Londoners. Through this long-term
partnership we will provide much needed quality, purpose-built
rental homes in attractive locations with great transport
connections across the city. Future residents will benefit from
Grainger's experience and expertise, dedicated onsite management,
and commitment to delivering great rental homes."
"This partnership reaffirms Grainger's position as a leading
partner for development schemes in London, and further strengthens
our existing presence in the capital."
- ENDS -
For more information, contact:
Julie Deighton, Head of Communications, Grainger Plc
jdeighton@graingerplc.co.uk (020 7940 9604)
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END
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