Network Housing Group has signed a building agreement with The Crown Estate to provide 17 new high quality homes including 12 intermediate homes at Grosvenor Road, Pimlico, London.
The scheme, set to complete in 2015, forms part of The Crown Estate’s £450 million St James’s Market project, which in total is set to provide 32 new homes.
Once the redevelopment works are completed, Network Stadium, part of Network Housing Group, will continue to manage the new properties through a lease from The Crown Estate, who will retain freehold interest.
Helen Evans, Chief Executive at Network Housing Group, said: “We are thrilled to be working with The Crown Estate to be developing these much-needed affordable homes in such a central location. Five homes will be available for private sale and 12 will be offered below market rent for working Londoners who would otherwise be priced out of the local area.”
Alastair Smart, Head of Development at The Crown Estate said: “We are delighted to have partnered with Network, whose experience will be important to delivering much needed, intermediate housing. This announcement demonstrates that all the elements of our St James’s Market scheme are continuing to make good progress.”
Source: Network Housing Group www.networkhg.org.uk March 26, 2014