Listed residential landlord Grainger has won consent for two housing developments in the London borough of Kensington & Chelsea. A total of 84 new homes will be built across two sites in the borough, with at least 50% of the homes constructed specifically for the private rented sector.
The sites, in Young Street and Hortensia Road, are both currently council owned car parks. The council selected Grainger in 2012 to act as developer and manager of the new homes, which it will run under a 125 year management agreement; the long term rental income will be shared between Grainger and the council.
Construction is expected to start this year. Currently, Hortensia Road is used for surface car parking, while the Young Street site is occupied by a multistorey car park, which will come down to be replaced by the new block of flats.
“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,” said Grainger chief executive Andrew Cunningham.