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Telford Homes has sold its Walthamstow build-to-rent scheme to a joint venture between Henderson Park and Greystar for £105.5 million.
The firm acquired the 3.16-acre site in December 2017, and has since obtained planning permission for 337 new residential units — including 80 affordable homes — and 18,830 sq ft of commercial space. The new deal includes the sale of the freehold interest in the land and the construction of 257 new BTR homes. Work is already underway, and construction is set to be completed in 2021.
The forward-funded sale will involve an initial land payment followed by regular payments during construction and a final profit payment.
According to Mark Allnutt, senior managing director UK of Greystar, “This transaction not only represents an exciting expansion of our London footprint, but also demonstrates our long-term commitment to providing high-quality properties that match residents’ demands for value and service.”
Chief executive of Telford Homes, Jon Di-Stefano, says: “We are delighted to have secured another forward-funded, build to rent sale and especially to have further cemented our strong relationship with Greystar. This transaction demonstrates our increasing commitment to London’s growing build to rent market and underpins our strategy to continue to scale our build to rent pipeline whilst providing certainty over future revenues and cash flows and delivering excellent returns on capital.”
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.