UK build-to-rent (BTR) specialist Get Living has inked a deal with Muse Developments to forward fund the delivery of a major residential-led scheme in London for £252 mln (€278 mln).
The funding will drive the second and final phase of regeneration project Lewisham Gateway, which will comprise 649 rental homes, 25,000 ft2 (2,300 m2) of retail, 15,000 ft2 F&B space, 10,000 ft2 of offices, a gym and an Empire Cinemas-operated multiplex.
Once complete, the scheme will be operated by Get Living, representing the operator's third London neighbourhood of homes. The units at Lewisham comprise 106 'London living rent' properties and 424 market rent homes, plus 119 co-living apartments, marking Get Living's debut in this segment. The firm also said that co-working would form part of the commercial space.
The project will take the total number of homes within Get Living’s management and pipeline to more than 8,000 units across four cities.
Rick de Blaby, CEO at Get Living, said: 'We are excited to be playing a key role in the next phase of Lewisham Gateway; delivering new homes for rent, alongside retail, co-working and public space for residents and the wider local community.
'This is Get Living’s third London neighbourhood and sixth nationally and we are committed to delivering real social value for local people. In these challenging times, we believe that build-to-rent is proving to be one of the most resilient real estate sectors, thanks in large part to its customer-first culture and its commitment to supporting community.'
The wider development is a joint project between Lewisham Gateway Developments – a subsidiary of Muse Developments, the London Borough of Lewisham, the Mayor of London and Transport for London, supported by Homes England.
Balfour Beatty has been appointed as the main contractor of the scheme, which is due to begin works imminently in-line with current government guidance. Completion is anticipated in 2023.
Mike Auger, regional director at Muse, said: 'The deal with Get Living is a proud moment for everyone involved with Lewisham Gateway, as it highlights investor confidence in our long-term vision - despite the unprecedented situation we all find ourselves in - to deliver a truly transformational scheme that will drive economic and social prosperity in the heart of Lewisham when it’s needed most.
'We now have a responsibility to ensure this second phase forms an integral part of Lewisham’s town centre as it continues to evolve. Backed by our long-term investors, we are committed to ensuring Lewisham Gateway is a safe and vibrant new place to live and visit, while also helping to address London’s housing challenge.'
Savills / BCLP represented Muse and Mishcon de Reya represented Get Living.
