Developer plots new homes and commercial space in Walthamstow with £40m acquisition
Residential developer Telford Homes Plc has signed a multi-million pound deal to acquire land in east London.
The company purchased a residential-led development site on Forest Road in the Walthamstow area for £33.9m, after exchanging and completing contracts with property regeneration business U+I and Parkdale Investments Ltd.
The 3.16-acre Equipment Works site has detailed planning permission for 257 open market homes, 80 affordable homes and 18,830 sq ft of commercial space.
Although units in the development can be marketed for individual sale, Telford Homes said it plans to explore the possibility of entering into a build-to-rent transaction for the delivery of the open market element in the new year.
Jon Di-Stefano, the firm’s chief executive, said: “We are delighted to have completed the purchase of the Equipment Works site in Waltham Forest which we believe represents an excellent build to rent opportunity.
“This acquisition not only adds to our substantial development pipeline, but should further enhance our reputation as a significant developer of build to rent housing in London.”
The build process is due to start in Autumn 2018 for completion in late 2021.
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