Grainger plc (LON: GRI), the UK’s largest listed residential landlord and leader in the UK private rented sector (PRS), today announced that it has received planning consent to redevelop a housing estate within its existing rental portfolio, known as the OCCC Estate, in the London Borough of Lambeth, delivering 215 quality new homes.
The scheme proposes a significant uplift in the number of homes (from 69 to 215) on the existing site, which is located close to The Old Vic theatre and Waterloo station.
The permitted development includes the re-provision of 33 new homes for Grainger’s existing long-term protected residents of the estate, and 36 affordable homes, available at Discounted Market Rent and London Living Rent. In addition, the scheme will provide new office space for local businesses and dedicated rehearsal space for The Old Vic theatre.
The development is the latest in Grainger’s secured London pipeline, which now totals over 4,500 new homes, and includes the delivery of over 3000 new homes as part of the group’s long-term Joint Venture partnership with Transport for London.
Helen Gordon, Chief Executive of Grainger plc, said:
“We are delighted with the decision to grant planning permission for the renewal of the OCCC Estate in Lambeth. This is especially pleasing as it endorses Grainger’s ability to recycle its property assets to not only provide a greater volume of new PRS homes in London but to provide new housing for our current regulated tenancy residents in Waterloo.
“This follows an extensive programme of consultation with our existing residents and the local community and we look forward to continuing this dialogue as we progress towards the next stage. This scheme provides a significant uplift in the number of homes on the site and supports the delivery of much needed quality rental homes in the Capital”
“Looking ahead to 2020 Grainger’s PRS pipeline and schemes to build circa 9,104 homes are continuing to gain momentum; regional city clusters are being increased and new PRS opportunities are forthcoming.”