Business
Planning Consent Granted for Developments
Planning Consent Granted for Developments.
About this update from Grainger Plc
[{"type":"text","content":"\n \nRNS Number : 2053Y Grainger PLC 22 January 2014 \n \n\n22 January 2014 \n \n \nGrainger plc (the \"Group\", \"Company\")\n \nGRAINGER RECEIVES PLANNING FOR 'BUILD TO RENT' RESIDENTIAL DEVELOPMENTS IN THE ROYAL BOROUGH OF KENSINGTON AND CHELSEA\n \n \n22 January 2014: Grainger plc (\"Grainger\", the \"Company\" or the \"Group\"), the UK's largest listed residential property owner and manager, today announces that The Royal Borough of Kensington and Chelsea (\"RBKC\", or \"the Council\") has granted detailed planning permission for 84 new homes across two sites in the borough, comprising 53 new homes on the former car park site at Young Street and 31 new homes at Hortensia Road. Combined the two developments will have a gross development value of over £110 million, and construction is anticipated to commence within a year. \n \nGrainger, 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.\n \nMore 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 they 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.\n \nA 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.\n \nDavid Walters, Development Director for Grainger plc, said: \"Having worked closely with our partner RBKC and the local community we are delighted to have successfully taken these sites through the planning process. We now look forward to demonstrating our considerable expertise in delivering some of the first truly long term professionally managed private rented homes in central London.\"\n \nAndrew Cunningham, Chief Executive of Grainger plc, added: \"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. \n \n\"This innovative scheme will provide much needed homes for a variety of te...