Two multi-million pound deals that will see over 1,000 new homes built in the capital specifically for private rent have been welcomed by Housing Minister Brandon Lewis.
The 2 schemes are the latest deals under the government’s innovative Build to Rent scheme and are being supported with more than £150 million of funding.
The 1046 new homes to rent support a package of government measures to deliver 1 million new homes to boost housing supply and help local economic growth.
The schemes help provide more choice for Londoners, and are located close to underground stations. Each site will include a mix of 1, 2 or 3 bedroom homes.
- 636 homes for rent at The Newfoundland Building, Canary Wharf
- 400 homes for rent at Ferry Lane, Walthamstow
The properties will be completed in 2019.
Housing and Planning Minister Brandon Lewis said:
As a global city filled with opportunity and links to the rest of the world, there is a real demand for good quality homes available to rent on flexible terms in the Capital.
These 2 new deals will provide a big boost to housing and help meet the needs of tenants well into the future.
The Build to Rent fund is designed to accelerate housing provision and to help developers produce large scale, quality homes, specifically for the private rented sector.
To date over 5,800 homes have been contracted through Build to Rent with investment totaling £661 million, supporting the delivery of rented homes for tenants.
HCA-I Head of Transactions Gareth Blacker said:
This is good example of how the Homes and Community Agency is able to support major cities to create successful places for people to work and live.
This investment in the capital helps to meet local priorities for housing and growth, supports a wide range of construction professions working on the scheme, and gives greater choice to people who want to rent a high quality home in London.
The Build to Rent fund is a fully recoverable, commercial investment where government will share risk or bridge finance to allow schemes to be built, managed and let. The investment can cover land, construction or management costs.