Greystar has secured planning approval for a new build-to-rent scheme on Lombard Road in Battersea, London.
The build-to-rent scheme will deliver high-quality rental homes from one to three bedrooms, including 90 affordable properties.
”In the current climate of increasing rents and living costs, the high-level of London Affordable Rent (71% of the affordable units by habitable rooms) will meet a substantial need within the borough for an affordable rental option that still delivers a high-quality environment and security of tenancy,” said Greystar in a press release.
The homes will be marketed exclusively to people living and working in the borough for the first three months.
The approval follows Greystar’s acquisition of the site from Big Yellow a year ago.
Daniel Thompson, Managing Director – UK Development, Greystar, said: “This is a fantastic result, which will create a diverse community in a high-quality building. The high proportion of properties being offered below market rent makes this an accessible option for people living and working in the borough. We look forward to working with Wandsworth Council to market the properties to Wandsworth residents.”
In addition to the residential properties, the scheme features three retail spaces on the ground floor, providing new local services and enlivening the area around the building. It features 872 sq m of new, landscaped public realm and will be a car free development, other than nine off-street Blue Badge parking spaces. It also includes 516 long-stay and 22 short-stay cycle spaces.
The site is situated at the Junction of Lombard Road and York Road in an established residential neighbourhood within walking distance of a variety of local shops and restaurants in both Battersea and Clapham. It benefits from excellent public transport connectivity, including National Rail links at Clapham Junction Station. Battersea Park is also within walking distance with its sports centre, tennis courts and 200 acres of parkland.
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