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  1. ITV Report

New development for Elephant and Castle

CGI image of tower planned for Newington Butts Photo: Mayor of London's Office

The Mayor, Boris Johnson, has struck a deal that will see institutional investment used, for the first time in the UK, to build a large-scale residential rental development.

The Mayor hopes that the move will set the stage for further institutional investment in the capital's residential property market.

The development of the Newington Butts site in Elephant and Castle, owned by the Greater London Authority, will see preferred developers, Mace and Essential Living, using institutional investment to deliver one of the largest professional rental developments seen in the capital for decades, containing 462 units, 188 of which will be affordable.

When completed the 44 story tower will be the largest private rental development of its kind in the country.