Telford Homes, Notting Hill Genesis and London BTR Investments have exchanged on a £66 mln (€75 mln) forward sale of the Build-to-Rent (BtR) element of the Gallions Quarter Phase 2B site at Royal Albert Wharf, in the Royal Docks.
The project, which is a joint venture between developer Telford Homes and housing association Notting Hill Genesis, will feature two buildings offering a total of 132 homes for market rent.
The units, which will be ready for occupancy in Q1 2024, will be managed under Sigma’s Simple Life London brand. An additional 135 homes, 51% 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.
London BTR Investments is a joint venture between EQT Exeter and Sigma Capital Group.
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.'
John Hughes, group director of development and deputy chief executive of Notting Hill Genesis, said: 'Royal Albert Wharf is a triumph of partnership working and we are delighted to welcome Sigma and EQT Exeter to the future success of Royal Albert Wharf.
'We have a long and established commitment to delivering high quality homes to support local people in the communities where we work. In addition to the high levels of affordable housing at Gallions 2B we are very pleased to have secured further investment to support our long-term goal of regenerating this amazing and historic area.
'We are committed to providing high-quality homes and spaces across all tenures and few developments highlight that as well as Royal Albert Wharf.'
Jack Barnet, investment & acquisitions director at Sigma Capital Group, said: 'We’re delighted to be working with Telford Homes and Notting Hill Genesis on what is set to be an excellent development.
'Simple Life London prides itself on offering high standards of build to rent, both through its product and customer service.'
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 parking provided includes space for car clubs and electric vehicle charging; whilst the landscape consists of biodiverse-rich amenity planting including 152 m2 of arboretum, central lawn and meadow. Over the lifecycle of the development 450 construction jobs have been supported.
Peter Shacalis, managing director at EQT Exeter, said: 'Gallions Quarter provides a compelling living proposition for renters in London: an affordable, waterside location with great connectivity within a well-designed, modern masterplan. We continue to pursue our strategy of targeting BtR assets with a strong value proposition for tenants.'
The deal will be Telford Homes’ twelfth BtR transaction. The firm has now delivered over 1,000 BtR homes across London, with a further 4,650 in the pipeline.
The development marks Simple Life London’s eighth site within its London portfolio, bringing its total homes completed and underway to over 1,400, and over 8,000 homes completed and underway across the entire Simple Life brand UK-wide.
