(Alliance News) - FTSE 250-listed residential landlord Grainger PLC said Tuesday it submitted detailed planning permission for a London joint venture over 300 new homes to rent in Lewisham.
Grainger Lewisham Holdings - a joint venture with the London Borough of Lewisham - will develop the "build to rent" project in Besson Street within the borough.
The development will include 324 new homes to rent, of which 35% will be affordable. Around 5,000 square foot of communal space will be provided, including a residents lounge, gym and co-working space. Community space within the project will include a NHS doctors surgery and pharmacy as well as new office space.
Should planning permission be secured, construction will begin in 2021 and complete in 2024.
"We are pleased to reach this important milestone on the Besson Street development," Chie Executive Officer Helen Gordon said. "Working in partnership with the London Borough of Lewisham, we have a great opportunity to deliver 324 quality new homes in Lewisham and a range of additional benefits for the local community."
"Our aim at Grainger is to redefine the way that people rent property, and at Besson Street, we will combine the flexibility of renting with professional services and terms, to provide our residents with great homes in a great community, with the best rental experience possible", Gordon added.
Shares in Newcastle-upon-Tyne-based Grainger were 0.2% higher at 273.80 pence in London on Tuesday.
By Ahren Lester; ahrenlester@alliancenews.com
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Grainger plc (GRI)