Greystar and Henderson Park have exchanged contracts with Tide Construction to acquire residential development 101 George Street, Croydon, where they plan a pair of the world’s tallest modular towers.
The 550-bed development, directly opposite East Croydon train station and to be built using modular construction, will comprise towers of 38-storeys and 44-storeys.
The site has full planning permission and the transaction is expected to close in the first quarter of 2018.
This is the second joint venture investment Henderson Park and Greystar have made in the London private rented sector, following their $197m (£140.5m) acquisition of a 172-unit central London residential portfolio from Barratt Developments in March last year.
Shared amenities
All apartments at 101 George Street will have access to shared amenities including roof gardens at the top of each tower, a podium-level sun lounge, panoramic viewing galleries, gyms, residents’ lounge and private dining and event rooms.
The scheme will include homes for rent on a variety of different terms, including affordable housing, London Living Rent, rental discounts, as well as open-market rates. Greystar will manage the apartments with a full-time onsite team.
Mark Allnutt, Greystar managing director, UK said: “The 101 George Street project means that we will have large-scale multifamily developments in four areas of London – Greenford in west London, Sailmakers in east London, Nine Elms in central London and now Croydon in south London.”
Nick Weber, founding partner of Henderson Park, added: “Croydon has a long history as a strong business, retail, leisure and residential destination and the town is currently enjoying a real renaissance driven by £5.25bn of inward investment and infrastructure works. This programme of investment will further increase demand for homes and 101 George Street, with its fast modular building methods, will provide supply across all levels of affordability.”
Troy Tomasik, Greystar managing director, Investments, said: “This project, as well as claiming the title ‘tallest modular towers in the world’, will set a new standard for rental accommodation in south London.”
The modules used for the scheme will be shipped from a factory in Bedford with the electricity prewired and plumbing, furniture and windows already installed. The total build time for the project will be 24 months, from construction starting to residents moving in to their new homes.
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