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Telford Homes sells off BTR units in Stratford JV for £53.7m

Property developer Telford Homes has announced it has sold the first phase of its Chobham Farm build to rent (BTR) scheme in Stratford to its joint venture partner Folio London.

The deal at New Garden Quarter, which is for a net cash consideration of £53.7m, represents Telford’s fourth major BTR transaction and entails the sale of 112 of the 297 open market homes at the development.

Currently under development, the BTR portion of the site is set to come to market in 2018 while the remaining open market units, which represents the second phase of the project, are expected to be completed around 2019.

Telford have revealed that the sale will be on a forward funded basis, comprising an initial, undisclosed upfront payment, with further payments to follow throughout the duration of the project.

Jon Di-Stefano, Chief Executive of Telford Homes, commented: “We are delighted to announce our fourth significant build to rent transaction which underlines our commitment to this emerging sector and in this case further strengthens our relationship with Notting Hill Housing Group.

“Telford Homes is now developing 483 build to rent homes across the four transactions that we have announced since February 2016 and we will continue to actively look for appropriate opportunities to increase this number in the future.”

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