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Sat April 20 2019

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McBains advises lenders on Croydon’s modular towers

7 Nov 18 The bank lending money for the development of the world’s tallest modular towers in Croydon has commissioned construction consultant McBains to keep an eye on the costs.

Artist's impression of 101 George Street, Croydon
Artist's impression of 101 George Street, Croydon

The development at 101 George Street in Croydon is a Greystar build to rent (BTR) scheme. It will comprise two towers of 37 (115 metres) and 44 stories (134 metres). Together they will have 546 apartments and, on completion, will hold the title of the tallest and second tallest modular buildings in the world.

Rather than the buildings being fully constructed on-site, modular construction means the developers, Tide Construction and their associate company, Vision Modular Systems, will construct the modules for the buildings in a factory in Bedford. This method is expected to produce 80% less waste and reduce labour requirement on site. It is also expected to provide greater certainty on costs and time.

Work on the new development is due to be completed over a 24-month period – with residents moving into the towers in the early part of 2020. 

Greystar Real Estate Partners is funding the development in partnership with property investor Henderson Park. The bank providing senior debt to the project has engaged McBains as its cost consultant.

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Greystar and Tide have partnered on several schemes to date, including student accommodation at Chapter Lewisham, Chapter White City and Chapter Highbury II, the latter two being projects on which McBains were also involved.

101 George Street, Croydon, will be the fourth project on which Greystar and Tide Construction have teamed up and, once complete, will bring the total number of units their partnership has delivered in London to 1,700.

McBains director Richard Davies said: “We’re delighted to have been appointed on another landmark project – with our experience of both modular and build to rent projects we have been able to advise the lending team through a successful due diligence process and we look forward to contributing to the delivery of a ground breaking project.”


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