First Red Door Ventures homes launched in Stratford

Red Door Ventures' Moda development in Stratford

Red Door Ventures' Moda development in Stratford - Credit: Archant

The first homes to be available for rent under the Red Door Ventures scheme have gone on the market.

The 36-flat Moda development, in Abbey Road, Stratford was officially launched on Tuesday.

Red Door Ventures is a council-owned company which aims to create thousands of privately-rented homes, using the profit made from market rent homes to subsidise others at an affordable rent as well as to fund council services.

“We’ve said we want to have one affordable home for every two at market rent,” said Sir Robin Wales, the Mayor of Newham.

“It doesn’t have to be in a block, we could buy up that house opposite if it comes on the market and rent it out to a family at an affordable rate.”

The Moda properties will be in the market rent category, with each two-bedroom flat available for between £1,500 to £1,650 a month.

“We put a sign up in the morning, and by the afternoon 10 people had already expressed an interest,” said Chris Wood, managing director of Red Door Ventures.

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“The ground floor maisonettes we expect to be popular with families, while the flats have two good sized bedrooms so we expect some interest for people wanting to share too.”

While the building work will not be completed until the end of November, the aim is to pre-let them so that tenants can move into their new homes in time for Christmas.

Construction on the next two schemes to be delivered by Red Door Ventures is set to begin within the next few weeks, which will see six apartments in Libra Road, Plaistow, and a further 17 in Nelson Street, East Ham.