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Mayor of Newham launches Red Door Ventures, an ambitious new company which will build thousands of private rented homes

3 April 2014 in Housing and Mayor and Regeneration
World renowned architect firm Rogers Stirk Harbour + Partners to build innovative first development.
Mayor Sir Robin Wales and Lord Rogers.
The Mayor of Newham has launched Red Door Ventures, a pioneering council-owned company which will create thousands of private rented homes for residents,

At a ground-breaking ceremony on the Stratford site of the first scheme the company will deliver, Sir Robin Wales with Lord Rogers of Rogers Stirk Harbour + Partners announced the start of Red Door Ventures.

Over the next 13 years, Red Door Ventures will build at least 3,000 new homes in Newham. The council-owned company will also acquire a further 500 existing properties. All the homes will be available for residents at market rent or below with a third of the homes set at affordable rent subsidised by the council with plans to increase this.

This company will make Newham Council the first local authority to deliver a large programme of private rented homes for residents. To finance the early stages of the programme of development, the council will provide loans to the company as a commercial investment.

The Tanneries on the Leather Gardens estate in Stratford will be the pilot scheme for Red Door Ventures. Prestigious architecture practice Rogers Stirk Harbour + Partners whose previous projects include the British Museum and Heathrow Airport’s Terminal Five, are responsible for the innovative design. The development will contain 36 two bedroom properties, with each apartment consisting of two fully finished pods manufactured off site. As the pods arrive they will be assembled into four and five storey high buildings. The entire build programme will take just six months.

Sir Robin Wales, Mayor of Newham: “I am pleased to announce the launch of Red Door Ventures. This is an ambitious and exciting new company which will deliver thousands of much needed high quality private rent homes in Newham. Our residents deserve the very best and I’m proud that we are working closely with Rogers Stirk Harbour + Partners to deliver our first site as they are at the forefront of modern architecture and are widely recognised for their innovative designs.  

“Red Door Ventures will provide a new offer in the private rented sector –stable, reliable and high quality homes for residents to rent from a trustworthy landlord. It will also make a significant local contribution to alleviate London’s housing crisis. Once the scheme is established, I want to be more ambitious and ensure the council subsidises at least half of the homes at affordable rent or below so they are within the means of residents on low incomes. This would be a much bigger proportion of truly affordable homes than anywhere else in London.”

Lord Richard Rogers said: “Rogers Stirk Harbour + Partners are delighted to be designing this pioneering scheme for Newham Council. Their ambitions for high quality, well designed and affordable homes that can be delivered efficiently is perfectly suited to our off site construction approach.”