Telford Homes and Notting Hill Genesis secure £66m forward commitment for BTR homes

Telford Homes, Notting Hill Genesis and London BTR Investments Limited (a joint venture between EQT Exeter and Sigma Capital Group), are pleased to announce that they have exchanged on a £66m forward sale of the Build-to-Rent (BtR) element of the Gallions Quarter Phase 2B site at Royal Albert Wharf, in the Royal Docks. Units will be ready for occupancy in Q1 2024.

The project, which is a joint venture between Telford Homes, one of London’s leading residential and mixed-used developers, and Notting Hill Genesis, one of the largest housing associations in the country, will feature two buildings offering a total of 132 homes for market rent, which will be managed under Sigma’s Simple Life London brand.

An additional 135 homes, 51 per cent of the overall scheme, are being delivered as a combination of affordable rent and shared ownership and will be owned and managed by Notting Hill Genesis.

Located on Atlantis Avenue, Gallions Quarter is part of the multi-billion pound regeneration of the Royal Docks, which will transform the area into a new creative hub with thousands of new homes.

Once completed, Royal Albert Wharf will have been transformed into a vibrant mixed-use development for people to live and work, as well as providing employment and retail uses that complement and support the residential led development.

Supported by GLA as landowner and through funding for the affordable housing, Notting Hill Genesis will have built 1,856 homes and 9,100 sqm commercial space, and 784 (42 per cent) of these homes will be affordable housing. Sustainability is at the heart of the design, and the development will achieve an EPC B rating ensuring the homes are energy and cost-efficient.

The deal will be Telford Homes’ twelfth BtR transaction and an exciting milestone for the business as it launches its ambitious go forward strategy to lead the living sector in the UK. Telford Homes has now delivered over 1,000 BtR homes across London, with a further 4,650 in the pipeline.

Charlie Weatherill, Capital Markets director at Telford Homes, said: “We are delighted to have exchanged on this deal with Sigma and EQT Exeter.

“The closing of this transaction during a period of such macro-economic uncertainty underpins our strong conviction in the performance and resilience of the UK’s BtR sector - which continues to witness exceptional occupier demand - whilst new supply is increasingly constrained by continued economic uncertainty and ever more regulatory burdens.”

By Mark Adair – Correspondent, Bdaily

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