Grainger, the UK’s largest listed residential landlord, has submitted a planning application to Lambeth Council for an estate regeneration scheme of more than 200 homes close to Waterloo station, SE1.
The plans will involve a phased redevelopment including the demolition of the OCCC Estate, which includes 69 homes; 34 of which are on ‘long-term protected tenancies’ − essentially social rent. All 34 homes will be replaced in phase one, with existing tenancy terms remaining the same.
The planning document suggests three different scenarios for redevelopment and affordable housing, so exactly which route the developer and local authority will agree upon is still subject to agreement.
However, the preferred scenario proposes 215 homes in total, all for the rental market: 138 for the private market; 43 at discount market rent; and 34 for replacement ‘social rent’. The 43 discount market rent units are proposed within phase two, all of which will be tenure blind.
The new scheme will be more than three times as dense, and rise from five to 12 storeys in height.
In addition, the Old Vic theatre, which is located nearby, will take 7,000 sq ft on the ground floor as rehearsal space.
The agent for the scheme, JLL, said: “The design features of the blocks, including the substantial shared amenity space, means that the units and blocks are not designed for private sale. There is no intention that the residential units will be sold off individually on the open market at a later date and the applicant is fully accepting of the residential units being covenanted as Private Rented Sector [PRS] units.”
