Over 250 new units constructed by Telford Homes are to be used for Build To Rent according to a deal announced by two BTR sector players.
European property investment platform Henderson Park and BTR specialist Greystar Real Estate Partners have exchanged contracts with Telford Homes to acquire all 257 properties within the Equipment Works development site in Walthamstow, London.
The acquisition takes the Henderson Park and Greystar joint venture BTR portfolio to around 1,000 units in London.
The cost of the Walthamstow deal is £105.5m.
The 3.16-acre Equipment Works site has been owned by Telford since late 2017 and has full planning consent for 337 new homes including 80 affordable homes: the development is under construction and is anticipated to be completed in late 2021.
Last year Henderson Park and Greystar acquired a 550-unit residential development in Croydon, which comprises the world’s tallest towers being built using modular construction.
Henderson Park and Greystar also invested in a portfolio of 172 apartments spread across three central London schemes that was acquired from Barratt Homes in 2017.
“The demand for housing in London continues to outstrip supply and with home ownership at unaffordable levels for many people, the need for new rental homes is growing rapidly. This shortage is further compounded by the current lack of professionally managed Build To Rent product in the UK, with existing rental stock largely dated and in need of modernisation” claims Nick Weber, founding partner of Henderson Park.