Telford Homes is paying £28.4m for a small slice of Greystar's 20-acre development site on Oldfield Lane North in Greenford, northwest London.
The whole site, on the banks of the Grand Union Canal, has planning consent for 1,965 homes along with retail space, restaurants and cafes, leisure facilities, flexible work space and a two-form entry primary school. While around 70% of the homes are to be delivered by Greystar as build to rent the remainder are for individual sale and affordable housing. Telford Homes has acquired part of the site to build 194 homes for open market sale at around £500,000 average and 84 affordable homes for shared ownership.
Telford Homes chief executive Jon Di-Stefano said: "We have an excellent relationship with Greystar which has allowed them to place their trust in Telford Homes to deliver an important part of this flagship scheme and we will continue to work closely together as the development progresses. Homes for individual open market sale remain an important part of our business model especially at affordable prices and in great locations like Greenford.”