Barnet Council has approved plans for a new rental housing scheme at Bunns Lane, Mill Hill, which will see 130 build-to-rent (BTR) homes built on a council-owned car park next to Mill Hill Broadway station.
Half of the homes will be offered at affordable rents and the council will own and manage the properties.
The scheme will include public spaces, a sustainable design, and parking for visitors and people accessing the station.
This is the first time Barnet Council has partnered with an institutional investor of Aviva’s size to fund local development.
Aviva Capital Partners will work with Stories, a property development company, on the project.
Construction is set to start in 2026, with completion expected in 2028.
Councillor Ross Houston, deputy leader cabinet member for homes and regeneration at Barnet Council, said: “This development is a great example of how we can use council land to directly benefit residents, providing much-needed, high-quality homes for local people, with half offered at affordable rent.
“Whether through new council homes, regeneration projects, or partnerships like this one, we’re focused on creating homes in the borough that meet the needs of residents and help strengthen our communities.”
Richard Meier, CEO of Stories, said: “Bunns Lane is more than a housing development – it’s a model for what public-private collaboration can achieve when values and long-term outcomes lead the brief.
“We’re proud to work with Aviva Capital Partners and Barnet Council to set a new bar for what equitable development in London can look like.”
Sophie White, sector head regeneration at Aviva Capital Partners, said: “This project demonstrates how institutional capital can support the delivery of better places – not just homes, but thriving, sustainable communities.
“We’re delighted that Barnet Council has backed this vision, which will unlock long-term benefits for residents and the local economy.”
