Long Harbour has completed its second forward funding deal with Berkeley Square Developments in Tottenham Hale, North London.
The total investment of £156m will enable the development of 315 high quality new homes for rent, bringing the total of new homes being financed by Long Harbour across both phases of the development to 481.
Rebecca Taylor, Managing Director for LHMF at Long Harbour, said: “We are thrilled to have completed our second transaction in Haringey with Berkeley Square Developments, with construction due to commence in the coming months. Covid-19 has demonstrated not only the resilience of the BtR sector as an asset class but the role that BtR will continue to play in delivering the housing need despite an economic downturn. We believe very strongly in the regeneration of the area around Tottenham Hale station and the delivery of the Ashley Road Masterplan demonstrates our continued appetite for investment in the London market, our support for the construction industry and our drive for delivering quality homes for rent.
“The first phase of the scheme is on track to open doors in Summer 2021 and as LHMF has significant capital to deploy we are in active discussions with a number of development partners on sites across London and the UK’s core cities.”
Located at 16-18 Ashley Road, the development forms part of the wider Ashley Road Masterplan in Tottenham Hale, North London. The second phase will provide a mix of one, two- and three-bedroom apartments, as well as two larger duplexes, and will include 33 homes at Discounted Market Rent (DMR) as well as 400 sqm of commercial space and private resident’s amenity.
The scheme will be delivered by Berkeley Square Developments and Long Harbour’s Way of Life residential living platform will manage the properties upon completion in 2023.