The Duke of Westminster’s property firm, Grosvenor Estates, has pledged to build 30,000 homes by 2023. Grosvenor, one of the oldest landlords in the country, and landlords of much of Mayfair and Belgravia for the last 340 years, wants to branch out and mastermind building new communities in Britain.
Grosvenor plans to work closely with developers, local authorities and landowners, using its property expertise to “open doors” and put together large sites of between 2,000 and 5,000 homes. It says it is prepared to bankroll the costs of infrastructure such as schools and roads, in exchange for fees later on.
This is a major change of direction for Grosvenor, which has traditionally focused on property management and investment, as well as commercial property developments. The new venture will seek to manage all stages of the residential developments, from planning proposals through to construction.
Executive director of Grosvenor Developments, Jorge Mendonca, has said:
“There is growing recognition from Government that the “master developer” role could be the best way to deliver new housing.
“It demands well-funded, long-term investors with an ingrained partnership approach and significant place making expertise, all of which Grosvenor has.”