Grainger receives planning permission for new homes in London

22nd Jan 2014 08:10

UK residential property company Grainger has received planning permission to build 84 new homes in Kensington and Chelsea, London.The Royal Borough of Kensington and Chelsea gave the group the green light to develop 53 homes on the former car park site at Young Street, Kensington and 31 homes at Hortensia Road, Chelsea.The two developments have a gross value of more than £110m and construction is expected to start within a year. More than 50% of the homes across both sites will be built specifically for the private rented sector. The 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 rental income with Grainger.Grainger said a proportion of the development at Hortensia Road will be affordable housing, including six four-bedroom family houses. The firm was selected in September 2012 by the council to develop and manage mixed tenure housing on the land.Chief Executive Andrew Cunningham said: "This innovative scheme will provide much needed homes for a variety of tenure types in Central London, and 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."RD