Real estate investment, development and management firm Long Harbour is to start construction on 495 new homes for private rent at its latest development in Walthamstow town centre.
The scheme represents the first deal within the Long Harbour, PSP Investments and Cadillac Fairview joint venture, structured through the Long Harbour multi-family fund 2, a £1.5 bn (€1.77 bn) build To rent (BTR) vehicle targeting projects of over 150 units in London, the South East and selected regional cities.
Located on Selbourne Road in Walthamstow, the project is adjacent to 17&Central shopping centre, which is owned by Capital & Regional, the UK convenience and community focused shopping centre REIT.
Long Harbour recently acquired the site from Capital & Regional having exchanged contracts in December 2020 and has appointed Tide Construction to deliver the scheme using innovative building technologiies.
The development will consist of 495 one and two-bedroom apartments within two landmark towers of 34 and 26 storeys.
The project aligns with the partnership’s ESG targets including use of low-carbon building materials and measurement of carbon footprints during the construction period.
Capital & Regional also has planning consent to extend 17&Central as part of its ongoing strategy to provide shops, restaurants, leisure and other necessity focused services that are tailored to the needs of the local community.
James Aumonier, COO and group head of BTR at Long Harbour, said: 'This is an exciting moment for LHMF as work begins to deliver our latest development at Walthamstow, which will not only offer a totally unique experience for residents in a highly popular location, but also contribute to the transformation of the town centre.
'Residents will benefit from direct access to Walthamstow Central Station, providing fast connections to Central London via the Victoria line, while new homes and retail will complement each other to create a vibrant new town centre with significantly improved public realm.
'This is an excellent example of how build to rent development can enhance footfall and diversify uses in town centres.'
Christy Hayes, CEO at Tide Construction, said: 'We are partnering with Long Harbour on this substantial development to deliver high-quality homes efficiently and sustainably.
'Using the innovative technology of vision modular systems will enable us to reduce the carbon emmisions associated with the construction process and minimise construction logistics, supporting our partnership’s strong environmental, social and governance credentials.'
