The deal is the fourth and the largest to date under the new fund, which will see work underway on 10,000 new homes for private rent by 2015.
Under the terms of the deal, Genesis Housing Association will receive £45.5 million to build 485 homes for private rent across 4 sites in London and Chelmsford. The homes will be a mix of 1, 2, and 3-bedroom properties.
They are:
244 homes at the former Anglia Ruskin University site in Chelmsford – including 130 1-bedroom and 113 2-bedroom properties
196 homes at Grahame Park, Barnet – including 22 three-bedroom properties
25 homes at Madeley Road, Ealing
20 homes at Springboard House, Newham
In each case, Build to Rent homes will form part of wider developments, with affordable housing and home ownership schemes including Help to Buy also available.
The Build to Rent fund is designed to help developers build quality homes specifically for the private rented sector. Construction is already underway on 2 Round 1 projects in Southampton and Manchester, and last month a third deal was signed which will lead to 190 homes for private rent across 6 different sites.
The Housing Minister was keen to highlight that with millions looking to live in and around London, there is a real demand for good quality homes available to rent on flexible terms.
"It will deliver nearly 500 homes on sites across the capital and in Chelmsford, offering greater choice for tenants. And with more sites being considered as part of this £1 billion scheme, we’re looking to get even more homes built specifically for rent across the country.”
Margaret Allen, interim executive director of programmes and recoverable investment at the Homes and Communities Agency, added:
“This is the largest build to rent scheme we’ve contracted to date and demonstrates that there is an appetite to deliver build to rent on a large scale. It is good to work with Genesis Housing Association who have a long term commitment to providing homes for private rent. There are now over 1,000 homes under contract to be delivered through Build to Rent.”
