Telford Homes signs £280m contract to build 894 homes in UK
June 25, 2019 – UK-based residential property developer Telford Homes has signed a contract worth £280m with investment firms Henderson Park and Greystar 894 build-to-rent flats at Nine Elms Park in Battersea, UK.
The latest contract award to Telford Homes follows on from a pre-construction development agreement which was signed in June 2017.
As per the deal, Telford Homes agreed to assist in acquiring detailed planning approval for the site to Greystar in exchange for contracts to acquire two plots of land totalling 2.67 acres from Royal Mail for £101m in cash.
Henderson Park and Greystar has now completed purchase of the land from Royal Mail Group, following securing a detailed planning consent.
Planned to be developed in phases and be completed in late 2024, the development will provide extensive resident amenities. It will be coated within walking distance of two stations on the extended Northern Line and close to the new US Embassy.
Telford Homes CEO Jon Di-Stefano said: “We are delighted to be building this exciting scheme for Henderson Park and Greystar. We have been working on the detailed design for some time such that we can immediately start work on site.
“We continue to make progress against our objective to increase the Group’s output of build to rent homes in London, and this contract with Henderson Park and Greystar, with whom we have a strong relationship, highlights our position as a trusted partner at the forefront of this fast growing sector.”
In March 2019, Telford Homes has selected real estate investment manager Invesco Real Estate and M&G Real Estate, a financial solutions provider for real estate investors, as long term strategic build to rent partners for forward fund transactions.
M&G will be the priority partner for Telford Homes for schemes including up to 200 build to rent homes while Invesco will have priority for more than 200 homes.