Greystar Real Estate Partners has acquired a 245-home site from developer Lifestory in Stratford, E15, for £20m.
The Stratford Mill site is located in the Pudding Mill masterplan and has existing planning consent.
The two-acre site represents the second phase of a larger development, the first phase of which has beeen completed by Lifestory.
Chris Powell, regional managing director of Lifestory, said: “The sale of the second phase of Stratford Mill, a beautiful riverside site with planning consent for 245 homes, concludes a six-year journey for [our Anthology arm] in Stratford and reflects a change of direction for the Lifestory Group. More than ever, the residential market is bearing the weight of homeowners who are keen to downsize and have flexibility in later life but are faced with a lack of choice.
“In line with this growing need and demand, we have decided to refocus on delivering high-quality build-to-rent later-living products, with this sale enabling us to prioritise land purchases that support our new operating model. The popularity of the first phase of Stratford Mill suggests this development will continue to be a success, providing high-quality and much-needed homes for young professionals and first-time buyers as we concentrate our efforts on the over-60s market.”
Alex Soskin, director in Savills’ London development land team, which acted for Lifestory, said: “Despite the headwinds that the residential development land market is currently facing, this transaction is evidence that well-designed planning consents in established locations near to transport nodes remain in demand from active developers such as Greystar.”
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