A developer wholly owned by Newham Council is about to release its first batch of private rental homes onto the market.
Red Door Ventures, which was set up by the authority to circumvent restrictions on borrowing cash to build housing in-house, has built Moda in Stratford.
Offering 36 properties kitted out to a high specification, all with windows on two sides and large balconies, the scheme is close to the Queen Elizabeth Olympic Park.
They will cater to prospective tenants seeking a two-bedroom pad and will be released next month.
They will be administered by Hera Management Services and will cost between £1,500 and £1,650 per month to live in.
Red Door managing director Chris Wood said: “The apartments will be ideal for those who are keen to have quality accommodation in east London.
“Red Door will be offering longer tenancies – up to five years to suit the needs of our residents.
“Newham is now one of the fastest growing boroughs in terms of house price growth according to recent Land Registry figures, with the average house price at £306,386 representing an annual increase of 16%.
“We are acutely aware of the need to help deliver better housing choices in the local area and we aim to do this through the hundreds of homes we hope to build over the next 10 years.”
Tenants will be offered packages to furnish their property in the same style as the development’s show apartment for an extra cost.
Moda is five minutes’ walk from Abbey Road DLR station, which offers connections to Canary Wharf in less than 15 minutes.
Mayor of Newham Sir Robin Wales stood down as chairman of Red Door in February to demonstrate clear water between the council and developer although it remains a wholly-owned subsidiary of the council.
To register interest ahead of the October launch call the lettings team at Hera Management Services on 0345 6 838 812.