UK listed residential group Grainger has received detailed planning permission for 84 new homes across two sites in Kensington and Chelsea, representing a total development value of £110 mln (€134 mln).
UK listed residential group Grainger has received detailed planning permission for 84 new homes across two sites in Kensington and Chelsea, representing a total development value of £110 mln (€134 mln).
Construction is to commence within a year.
Grainger said that 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. The local authorities will retain the freehold and will share a proportion of the long-term rental income stream with Grainger.
A share of the development at Hortensia Road will be affordable housing, including six four-bedroom family houses. In addition, Grainger will provide commercial space on the ground floor.
'We look forward to demonstrating our considerable expertise in delivering some of the first truly long term professionally managed private rented homes in central London,' commented David Walters, development director for Grainger.
The schemes were designed by Assael architects with DP9 acting as planning consultants.
