The transactions have a combined gross development value of £183.5m and will see Redrow build 513 new homes for rent in Southall and Colindale. They will be managed under Realstar’s Uncle brand.
As part of the transactions, Uncle will acquire 347 new homes at Redrow’s Colindale Gardens development in Colindale, north London. The £119.5m private rented sector (PRS) deal is Redrow’s largest to date and follows the £82.7m deal it announced with M&G Real Estate last year for 186 new rental homes at Colindale Gardens as well as 211 homes sold to L&Q in 2016.
Colindale Gardens is being built on the site of the former Peel Centre Metropolitan Police training college in Hendon. More than 2,900 new homes are planned there over the next 10 years.
Redrow’s second deal with Realstar, worth £64m, is for 166 apartments in Southall, west London. The site is next to Redrow’s existing scheme The West Works, a mixed-use development that includes 302 new homes.
Redrow London managing director Mark Parker said: “These build-to-rent deals signal yet another exciting opportunity for Redrow and our customers as we strive to create sustainable communities with a variety of homes for all needs. Both Colindale and Southall are quickly defining themselves as new property hotspots as they undergo significant inward investment.”
Ryan Prince, chief executive and founder of Uncle, said: “Uncle’s strategy is to grow and become a dominant player in the London rental market with assets located throughout the city – north, south, east and west.”