British Land is setting up its own affordable housing company to manage homes in its London schemes.
The REIT is applying to the Homes and Communities Agency for registered provider status for its subsidiary Seymour Street Homes.
The company will initially manage the 11 affordable homes at Clarges, British Land’s luxury scheme in Mayfair, W1.
It could then potentially be expanded to include other schemes.
Roger Madelin, head of the REIT’s 46-acre redevelopment at Canada Water, E14, which is to provide 3,500 homes, said last year that he would like to include a variety of tenures at the development.
“If you look at residential and break it down into where there is demand, we have 12 different kinds of demand,” said Madelin in an interview with Estates Gazette in April 2016.
“A vast majority of those could be of real interest to British Land in terms of developing, owning and managing and providing diverse and long-term income,” he said.
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