Grainger plc (LON:GRI), the UK’s largest listed residential landlord with over 8,200 operational rental homes, today announced 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.”