Transport for London (TfL) and Grainger plan to develop more than 3,000 new homes together across eight seed sites owned by TfL in London. They promise a minimum of 40% affordable homes on all new planning consents, and the remainder predominantly for the private rental market.
Grainger is the UK's largest listed residential landlord, with more than 8,200 operational rental homes.
The partnership is 51% owned by Grainger, and 40% by TfL.
The eight sites in the first phase of development are:
- 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)
Work has started on the early stages of the planning application process for some 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, London’s 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."
Transport for London head of build-to-rent Dan Lovatt said: "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."
Grainger chief executive Helen Gordon said: “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."