Greystar has won planning approval from Ealing Council for their Greenford scheme, UB6
The major US multi-family developer and operator already manages 400,000 homes in 160 markets worldwide, and now plans to bring their professionalised build-to-rent services to the UK.
At Greenford they’ll build 1,965 new homes, with 1,439 homes for the rental market and 526 for sale. 30% of the units will be affordable, with a split of 71/29 in terms of discount market rent and shared ownership.
A new two-form primary school, affordable workspace for local start-ups and an NHS-operated health centre are also planned, and over £10 million is sought for S106 payments.
We often hear the term ‘place-making’ when it comes to build-to-rent schemes, as developers hold on to the asset, instead of selling and moving to the next site. With this in mind, extensive areas of public open space with landscaped gardens and mature trees, as well as rooftop gardens, gyms and courtyards will feature. The former Glaxosmithkline site will be opened up for the first time in years, with new connections through the site and new pedestrian bridges built over the Grand Union Canal.
Mark Allnutt, managing director of Multifamily at Greystar, said: “The decision by Ealing Council means we can now proceed as planned with our proposals for creating an exciting new neighbourhood in Greenford. We are going to provide much needed homes for rent at a time when people are looking for a better renting experience. The Greenford scheme will be a diverse rental community for young professionals, families and older people.”
“By offering a variety of apartment sizes to accommodate people at different life stages, Greenford will offer a community built around renters and their needs. As people rent for longer, they are beginning to expect more from their rental accommodation, and Greenford will help meet this need. This planning consent is great news for Greenford and the wider Ealing area and we look forward to getting started on site in the very near future.”
Greystar hopes to have a UK portfolio of 10,000 rental units within the next four years. Since entering the UK market in 2013, the company has built up a rental portfolio worth £2.8 billion by investing in new housing and student accommodation, and forward-funded investments in newly developed PRS and student accommodation properties.
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