Network Homes has exchanged contracts on the Kellogg Tower in Sudbury Hill to create 270 affordable Build to Rent homes for working Londoners.
The scheme is the first Build to Rent development to receive loan funding from the Greater London Authority (GLA), and an innovative funding method which we hope to replicate on other projects.
James Murray, the Deputy Mayor for Housing & Residential Development said: “We know that tackling London’s housing crisis means us working closely with partners including housing associations across London. We welcome Network Homes’ ‘Big Blue’ scheme which the Mayor has funded as their first build-to-rent project and one that provides hundreds of much-needed affordable homes to rent.”
Originally constructed for IBM (which was nicknamed Big Blue) as their UK headquarters, the building is being redeveloped to provide a mix of studio, one bedroom and two bedroom homes all at 80% of market rent.
Vicky Savage, Executive Director of Development at Network Homes said: “We are very proud to be the first housing association in the capital to work with the GLA on the London Housing Bank programme. We look forward to working closely with the GLA to provide much needed homes of all tenures across the city.
“With 27% of London’s homes already privately rented, many in sub standard condition, and people finding it more and more difficult to get on the housing ladder, the Big Blue will give working Londoners an exciting new and high quality housing choice.”
The Big Blue will offer working Londoners an affordable housing option, with the opportunity to enjoy greater security from longer tenancies, and benefit from our professional property management experience.
We aim to emulate IBM’s reputation for innovation in this latest development. Tenants will be able to take advantage of additional services designed to make life easier and more flexible. For example, the on-site property management team will oversee parcel delivery and offer additional hospitality services such as apartment cleaning.
Residents will also have the chance to get to know their neighbours, with dedicated amenity spaces and social events.