Public land released for private rent
Mon 17th March 2014, 2:59 pm
Mayor of London Boris Johnson has announced the redevelopment of two sites in Newham, with a third of homes provided for the private rented sector (PRS).
Speaking at at MIPIM, the premier property conference in Cannes, Johnson said he hopes that the prospect of PRS will attract institutional investors such as pension funds to invest in construction projects.
The sites are Pontoon Dock, currently being used as a car park, and Silvertown Way, which had been cleared for development in 2008.
Johnson said: "With London’s unprecedented population growth, housing supply and affordability is now our biggest challenge and we need to double the number of homes being built.
"This requires a radical rethink and it is time for a new approach which not only helps build more homes but also improves choice and quality for Londoners.
"Capitalising on London’s undeveloped public land I want to entice more institutional investors to come forward and invest in quality homes for Londoners, boosting the economy and creating thousands of new jobs."