Developer Essential Living has submitted plans to the Royal Borough of Greenwich for UK’s first family rental housing (Private Rental Sector) project.
Essential Living is a developer and operator of private rental homes in the UK. They say they are “committed to creating positive, vibrant developments that set the standard for the private rental sector and integrate our core values of responsibility, inclusivity and commitment.
Their website says, “Our mission is to establish Essential Living as the pre-eminent trusted brand for tenants and communities. We aim to rewrite the rules of rental, removing the complexities that renters currently face and providing tenants with more time to play, more space to live, more freedom to choose and more reasons to trust.”
The development, to be known as Greenwich Creekside is its latest 249-home scheme and will join three other major schemes to be run by Essential, as reported by Aaron Morby of constructionenquirer.com.
These projects are to be a part of a planned £1bn portfolio of 5,000 homes designed for long-term renting. The schemes are to be backed by backed by institutional investor’s cash inspired by the Government’s built-to-rent initiative by London-based fund manager M3 Capital Partners.
Projects such as these, if they come to fruition, will begin to change the balance of supply and demand. In critical areas of London where demand for affordable housing is outstripping supply, these developments are bound to have a calming effect on market rents.
The development, which includes a block of 60 two and three-bedroom homes, offering additional storage, extra acoustic insulation and large child friendly balconies, will include landscaped spaces and child’s play areas. It will also include an on-site nursery, rooftop grow gardens and exercise equipment together with bike storage and repair.
Essential Living plans to build 150 flats in two blocks at Bethnal Green, which involves converting the 17-storey Archway Tower in north London to 100 rental flats and the 11-storey Berkshire House in Maidenhead.
The developer has also agreed a £52m funding deal with the Homes & Communities Agency, as part of government built-to-rent scheme to speed up the delivery of homes for rent with the aim of increasing supply and bringing down rent levels.
Quentin Keeble, development director at Essential Living, has said:
“Greenwich as a place has a very unique demographic and that’s why it’s the perfect place to showcase a new type of rental product created around family living.
“We want to create something that will resonate with the existing community but raise the bar of expectation across the rental market.”
— LandlordZONE (@LandlordZONE) January 20, 2015