Housebuilder buys chunk of site being developed in west London by US retail estate giant
Telford Homes has agreed to buy part of a 20-acre site in west London owned and currently being developed by US real estate group Greystar for £28.4m in order to build more than 250 homes.
The housebuilder plans to build 194 homes for private sale at an average selling price of around £500,000 and 84 affordable homes for shared ownership on the land, which is located along the banks of the Grand Union canal at Greenford, near Northolt.
The mixed use development has already received planning consent and will feature 1,965 mainly build-to-rent homes as well as restaurants, cafes, retail outlets and leisure facilities.
Telford said it planned to start work in the middle of next year and complete the development in 2022.
Jon Di-Stefano, the housebuilder’s chief executive, said the firm had “an excellent relationship with Greystar which has allowed them to place their trust in [us] to deliver an important part of this flagship scheme and we will continue to work closely together as the development progresses”.
Last year Telford struck a deal with Greystar to construct nearly 900 build-to-rent homes on the US group’s development at Nine Elms in Battersea, south London.
And in July this year Telford said it was on the hunt for an investor to help increase its activity in the build-to-rent sector.