On Friday 26th February, Housing and Planning Minister Brandon Lewis unveiled a landmark ‘Build to Rent’ housing development in North Acton, West London.
The £43.5 million scheme, which is being developed by mid-market specialist developers HUB, is owned and funded by M&G Real Estate, one of the UK’s largest property investors.
Brandon Lewis, Housing and Planning Minister, said:
“Millions of people use the flexible option of renting in the private sector. I want to ensure that tenants have a choice of high-quality homes, available to rent under reasonable terms.
“Increasing standards for private renters has been high on our priority list and by encouraging institutional investment we can raise standards and deliver more housing that communities want.”
Named ‘The Rehearsal Rooms’ as a nod to the area’s historic ties to the BBC, the development will provide 152 one, two and three bedroom apartments for rent to be managed on site under a single corporate ownership. Twenty of the apartments within the building will be available at discount market rent (DMR), a new form of affordable housing, priced at 80 per cent of market rent.
One of the UK’s first Build to Rent schemes, the development marks the emergence of a new type of housing designed to cater to Britain’s fast growing private rental market. Having been built for rent rather than sale, occupiers will benefit from professional service standards, an array of on-site amenities, such as community function rooms and roof top allotments to encourage a sense of community.
Experts believe that around £90 billion of funding could be ready to invest in Build to Rent over the next few years, which could deliver a sizeable quantum of the prime minister’s pledge to build 500,000 new homes by 2020.