Newcastle-based Grainger Plc has been granted detailed planning permission for a £110m development across two sites in London.
The company, which remains the UK’s largest listed residential property owner and manager, was given the go-ahead by The Royal Borough of Kensington and Chelsea for 84 homes in the borough.
Construction will begin within a year and the properties - more than 50% of which are being built for the private rented sector - will be managed by Grainger under a 125 year agreement, for which it will receive a management fee.
The council will retain the freehold and will share a proportion of the long-term rental income stream.
In an announcement on the London Stock Exchange yesterday, Grainger chief executive Andrew Cunningham said: “We have been closely involved in the development of the private rented sector and these schemes demonstrate our expertise at the forefront of our industry.”
A total of 53 new homes will be built at Young Street, while the rest will be built on Hortensia Road.