Developer Stanhope unveils plans to build 5,000 rental homes in LondonComments Off on Developer Stanhope unveils plans to build 5,000 rental homes in London
Property developer Stanhope plans to build 5,000 rental homes in London, it announced while revealing the purchase of a West End student housing block.
Stanhope, which is overhauling White City’s TV Centre, recently teamed up with housing association Network Housing Group to form a build-to-rent partnership.
David Camp, the chief executive of Stanhope outlined the joint venture plans, which include developing 5,000 homes by 2021.
He added that sites being looked at are in boroughs such as Haringey, Harrow and Brent.
Network will manage the properties. Its executive development director Vicky Savage said: “Given the shortage of housing and the high cost of buying, we see a long term need for well-managed, purpose built private rented accommodation in the capital.”
Separately, Stanhope has made its debut in the student housing market with the purchase of Grosvenor House in Drury Lane from Network.
A deal at over £50 million is believed to have been agreed for the block which is let to the London School of Economics.