Grainger selected as TfL build-to-rent partner
Publicly listed private landlord Grainger has been selected by Transport for London (TfL) as the preferred bidder for a build-to-rent programme which could deliver more than 3,000 homes.
The company was named by TfL this morning, with the first phase of sites already identified at locations spread across the capital.
Grainger is the UK’s largest listed residential landlord, owning and managing more than 8,000 rental homes. It saw off competition from the other shortlisted bidders Argent Related and Greystar to land the position.
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TfL said all of the schemes developed through the partnership would have a minimum of 40% affordable housing. Along with sites being developed for 100% affordable housing, this meant TfL was “on track” for its commitment of 50%, the transport corporation said.
Dan Lovatt, head of property development at TfL, 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.”
James Murray, deputy mayor for housing and residential development at City Hall, 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.”
TfL has agreed a 49:51 equity split on a joint venture with Grainger for the developments.
The build-to-rent programme is part of TfL’s wider ambition to start on site for plots capable of delivering 10,000 homes across 320 acres by 2021.
TfL has already submitted planning applications for more than 4,200 homes and, since May 2016, 50% of its starts have been affordable.
Proposed TfL sites
- Limmo Peninsula, Canning Town, Newham - with the potential for up to 1,500 homes
- Southall Sidings , Ealing – with the potential for up to 400 homes
- Nine Elms Tube station, Lambeth - with the potential for up to 400 homes
- Armourers Court, Woolwich, Greenwich - with the potential for up to 400 homes
- Hounslow West Tube station, Hounslow - with the potential for up to 350 homes
- Cockfosters Tube station, Enfield - with the potential for up to 300 homes
- Arnos Grove Tube station, Enfield - with the potential for up to 100 homes
- Montford Place, Kennington, Lambeth - with the potential for up to 100 homes
