New plan for Build to Rent homes in west London
11 Apr 2014 10:35 AM
Housing Minister Kris Hopkins announces new deal
to build 123 homes for private rent in West
Drayton.
A
west London suburb is set to benefit from over 120 new homes specifically for
private rent under a new deal announced yesterday (10 April 2014) by Housing
Minister Kris Hopkins.
Under the terms of the deal, Inland Homes will receive
an £8.7 million repayable loan to build 123 new 1 and 2-bedroom
apartments in West Drayton, Middlesex. The homes will be available for private
rent, with work starting on site as early as July this year.
The
minister welcomed the latest contract under the government’s Build to
Rent scheme as helping meet ‘clear demand for good quality private rented
homes’ in the area.
Building to Rent
The
Build to Rent fund helps developers build homes specifically for the private
rented sector, and is well on track to have work underway on up to 10,000 new
homes by 2015.
The
123 homes announced yesterday will be built as part of the wider Drayton Garden
Village development, which includes a total of 773 new homes, a nursing home
and commercial premises.
Housing Minister Kris Hopkins said:
With easy access to both central London and Heathrow
Airport, there is clear demand for good quality private rented homes in West
Drayton.
So
I’m pleased to announce this new deal which will lead to 123 new homes
through our Build to Rent scheme, as part of the wider Drayton Garden Village
development.
This is the fourth site to receive Build to Rent funding
in the capital, offering greater choice for Londoners looking to rent on fair
and flexible terms.
Stephen Wicks, CEO at Inland Homes
said:
We
are delighted to have secured this funding; we are confident that by applying
Inland’s expertise in planning and development we can help to shape local
communities and stimulate new private housing supply, which in turn will
attract new institutional investment into the private rental
sector.
Deputy Mayor for Housing, Land and Property, Richard
Blakeway, said:
London faces an unprecedented demand for new homes, with
a soaring population and following a historic 30-year failure to build enough.
The Mayor has set the most ambitious house-building targets to address this and
the private rented sector has a huge part to play. By improving the offer of
new, good quality, well designed homes to rent, we can rebalance the
capital’s rental market, improve services for tenants and boost the local
economy as well as providing the new homes that hardworking Londoners so
desperately need.
Margaret Allen, Interim Executive Director for
Programmes and Recoverable Investment, said:
We
are really pleased to support the development of Drayton Garden Village by
providing Inland Homes with investment to extend the choice of private rented
homes available in the local area. This is a good example of what the Build to
Rent fund can achieve and is all about.
Further information
The
homes will be delivered by Drayton Garden Village Ltd, a company managed by
Inland Homes. The deal is the fifth so far from the first round of the scheme,
with work already started on sites in Southampton and Manchester, and work
planned on sites including Bristol, Cambridge, Chelmsford, Hemel Hempstead and
Southampton, as well as across London.
A
further 36 schemes have also been shortlisted through the second round of Build
to Rent, to deliver up to a further 6,500 homes.