A joint venture between housebuilder The Hill Group and UK housing association Peabody has teamed up with Goodstone Living to develop a £116m (€140m) build-to-rent (BTR) project.
The new partnership will develop 360 BTR homes at Dagenham Green in East London.
The apartments will be part of the ongoing first phase of the Dagenham Green scheme, transforming the former Ford Stamping Plant site into a mixed-use neighbourhood.
Andy Hill, founder and group CEO of The Hill Group, said: “We have the vision to create an inclusive and welcoming community at Dagenham Green with high-quality homes across all tenures. These BTR homes will provide excellent amenities, connectivity and a ready-made community, ticking all the boxes for discerning renters.”
James McMylor, MD of London North at Peabody, said: “We’re pleased to see the first phase of our Dagenham Green masterplan coming to fruition, reflecting our approach to sustainable regeneration and inclusive growth.
“This partnership with our partners Hill and Goodstone will bring significant benefits to the local community as a part of a wider vision to regenerate East London and ensure that affordable living is a reality for everyone.”
Iliya Blazic, CEO of Goodstone Living, said: ”Goodstone’s investment in Dagenham Green demonstrates our strategy to deliver much-needed, high-quality rental housing in key regeneration areas on behalf of our institutional capital partners.
“We are committed to creating sustainable communities where residents can thrive, and this project reflects our focus on providing attainable rental housing with a tailored resident proposition, excellent transport connectivity, a mixture of functional, useable amenity space, all operated within an efficient and integrated management platform.”
This project is Goodstone Living’s third development for its Goodstone Living Partners 1 investment vehicle, backed by Macquarie Asset Management and Northern LGPS.
Kevin Etchells, the head of real assets at Greater Manchester Pension Fund on behalf of the Northern LGPS, said “The UK has a significant undersupply of housing and the Northern LGPS Pool partners are proud to contribute to help solve this crisis.
“This partnership is a fantastic example of the opportunity for local government pension capital to partner with sector-specialist groups, such as Goodstone Living, to deliver new homes at attainable rents, while also generating community social value and attractive risk-adjusted returns for our members.”
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