Mayor launches mass private rented homes building scheme
Published by Max Salsbury for 24dash.com in Housing and also in Development, Local Government
The Mayor of Newham has launched a council-owned company which will create thousands of private rented homes.
Over the next 13 years, Red Door Ventures will build at least 3,000 new homes in the London borough and acquire a further 500 existing properties.
All the homes will be available at market rent or below and a third will be set at 'affordable' rent levels, which Newham Council will subsidise.
Red Door Ventures will allow the council to become the first local authority to deliver a large programme of private rented homes.
To finance the early stages of the programme of development, the council will provide loans to the company as a commercial investment.
The Tanneries on the Leather Gardens estate in Stratford will be the pilot scheme for Red Door Ventures. Architecture practice Rogers Stirk Harbour + Partners, whose previous projects include the British Museum and Heathrow Airport’s Terminal Five, are responsible for the design.
The development will contain 36 two-bedroom properties, with each apartment consisting of two fully finished pods manufactured off site.
As the pods arrive they will be assembled into four and five-storey buildings, with the project expected to take six months.
Sir Robin Wales, the Mayor of Newham, said: “I am pleased to announce the launch of Red Door Ventures. This is an ambitious and exciting new company which will deliver thousands of much needed high quality private rent homes in Newham. Our residents deserve the very best and I’m proud that we are working closely with Rogers Stirk Harbour + Partners to deliver our first site as they are at the forefront of modern architecture and are widely recognised for their innovative designs.
“Red Door Ventures will provide a new offer in the private rented sector –stable, reliable and high quality homes for residents to rent from a trustworthy landlord. It will also make a significant local contribution to alleviate London’s housing crisis.
"Once the scheme is established, I want to be more ambitious and ensure the council subsidises at least half of the homes at affordable rent or below so they are within the means of residents on low incomes. This would be a much bigger proportion of truly affordable homes than anywhere else in London.”
Pictured: Sir Robin Wales with Lord Rogers of Rogers Stirk Harbour + Partners.