Grainger plc has received planning consent to redevelop a housing estate within its existing rental portfolio, known as the OCCC Estate, in the London Borough of Lambeth, delivering 215 quality new homes.
The scheme proposes a significant uplift in the number of homes (from 69 to 215) on the existing site, which is located close to The Old Vic theatre and Waterloo station.
Helen Gordon, Chief Executive of Grainger, said: “We are delighted with the decision to grant planning permission for the renewal of the OCCC Estate in Lambeth. This is especially pleasing as it endorses Grainger’s ability to recycle its property assets to not only provide a greater volume of new PRS homes in London but to provide new housing for our current regulated tenancy residents in Waterloo.”
The permitted development includes the re-provision of 33 new homes for Grainger’s existing long-term protected residents of the estate, and 36 affordable homes, available at Discounted Market Rent and London Living Rent. In addition, the scheme will provide new office space for local businesses and dedicated rehearsal space for The Old Vic theatre.
Gordon said: “This scheme provides a significant uplift in the number of homes on the site and supports the delivery of much needed quality rental homes in the Capital.
“Looking ahead to 2020 Grainger’s PRS pipeline and schemes to build circa 9,104 homes are continuing to gain momentum; regional city clusters are being increased and new PRS opportunities are forthcoming.”