Grainger gets £110m nod in Chelsea
By Nick Whitten | Residential | 22-01-2014 | 08:22 |
Grainger has won consent for two residential schemes in Kensington and Chelsea with a total development value of £110m.
Detailed planning permission has been granted for 53 homes on a former car park at Young Street, W8, and 31 homes at Hortensia Road, SW10.
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% 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 it 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.
Construction is anticipated to commence within a year.
Grainger chief executive Andrew Cunningham said: “We have been closely involved in the development of the private rented sector, and these schemes demonstrate our expertise at the forefront of our industry.
“This innovative scheme will provide much needed homes for a variety of tenure types in central London, and I believe this could become an appropriate model for other local authorities and developers to adopt who are looking to provide homes for the private rented sector.”
The schemes were designed by Assael architects; DP9 were the planning consultants.