20th Dec 2019 08:18
(Alliance News) - Grainger PLC on Friday said it has been granted planning consent to redevelop a housing estate within its rental portfolio near Waterloo station in south London.
The property company says that the redevelopment of the OCCC Estate in Lambeth will increase the number of homes there from 69 to 215. Existing long-term residents of the estate will be provided with 33 new homes and 36 affordable homes.
Chief Executive Helen Gordon said: We are delighted with the decision to grant planning permission for the renewal of the OCCC Estate in Lambeth. This endorses Grainger's ability to recycle its property assets to provide a greater volume of new homes in London and to provide new housing for our current regulated tenancy residents in Waterloo."
Gordon said Grainger plans to build around 9,104 homes in 2020. The company's London pipeline totals 4,500 new homes, including 3,000 as part of its joint venture with Transport for London.
The stock was trading 0.9% lower at 303.20 pence per share on Friday morning in London.
By Ife Taiwo; [email protected]
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