Henderson Park and Greystar Real Estate Partners have acquired all 257 market rental homes within the Equipment Works development site in Walthamstow, London from Telford Homes Plc in a £105.5m deal.
The transaction comprises the acquisition of the freehold interest in the land and the construction of 257 build-to-rent homes on a forward-funded basis and will comprise an initial land payment followed by regular payments throughout the construction period and a final profit payment.
Nick Weber, Founding Partner of Henderson Park, said: “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. This exciting development is in an area experiencing significant regeneration and will bring first class homes to the community of Walthamstow.”
The 3.16-acre Equipment Works site in the London Borough of Waltham Forest was purchased by Telford Homes in December 2017 and has full planning consent for 337 new homes including 80 affordable homes and 18,830 square feet of flexible commercial space.
Mark Allnutt, Senior Managing Director UK of Greystar, said: “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.”
The development is situated close to Blackhorse Road station on the Victoria line and London Overground. The development is under construction and is expected to be completed in late 2021.