Stanhope signs major build to rent deal

Property developer Stanhope and housing association Network have signed a framework agreement in a bid to drive growth across London’s build to rent market.

Both organisations will look to jointly purchase and develop sites for building private rented homes across all parts of London, for which Network will provide long term management and maintenance services.

Opportunities currently being looked at include sites in Westminster, Brent and Harrow. The organisations say the deal will provide purpose built mid-market build to rent schemes in locations with good transport links, aimed at young professionals and families.

The schemes will be accompanied by a bespoke management and maintenance service.

David Camp, Stanhope’s chief executive, said: “Housing is the number one issue in London at the moment and one in four Londoners currently lives in the private rented sector with its plethora of accommodation standards and landlord services.

“Within the next decade or so it will be one in three Londoners and Stanhope is keen to provide a range of housing tenures to include build to rent to meet this demand.”

Vicky Savage, executive development director at Network, said: “In our view London has a long term unmet need for reasonably priced well managed rented housing.

“We are delighted to be working with Stanhope and look forward to many projects over many years.”