In December 2021 we exchanged contracts with St Edward, Berkeley Group's joint venture with M&G, for 13 intermediate rented apartments as part of the housebuilder's landmark 9 Millbank scheme in the City of Westminster.
The deal will mean that 13 one, two and three-bedroom homes, literally only a stone's throw from the Palace of Westminster, will be made available to Westminster residents and workers with household incomes of less than £90,000.
The homes will be classed as intermediate rent, where rents are at a discount of at least 20% to the local market rate. In this prime location, with high market rents, the intermediate rents offer significant discounts to market rent starting at £186 per week to ensure these homes will be affordable to workers on modest incomes.
Construction work is progressing, and practical completion is expected to take place in March 2022 with a view to moving residents into their homes in May 2022.
Olivia Harris, CEO of Dolphin Living, said:
These new affordable homes will be a short stroll from Parliament and Big Ben in an area which, historically, has had high density of such housing. This deal with St Edward will continue that tradition of providing homes in the very centre of our capital city that are accessible to those with modest household incomes.
These days, many of the city's key workers commute long distances to their place of work, which isn't right particulary when we consider how much we have relied on key workers during the pandemic. At Dolphin Living, we believe that more needs to be done to support the delivery of affordable housing for workers on modest incomes, particularly as we look to the city's recovery post-pandemic and how we attract and retain key workers in central London locations
Paul Vallone, Chairman of St Edward, commented:
Dolphin Living are pioneers of affordable housing in central London and we are thrilled to be delivering these high quality homes in partnership with them, helping the city's crucial workers live near to their places of work