Telford Homes, the London-focused residential property developer, has exchanged contracts for the purchase of part of Greystar’s development site in Greenford for £28.4m.
The development, a 20-acre mixed-use scheme on the banks of the Grand Union Canal, close to Wembley, has planning consent for 1,965 homes along with retail space, restaurants and cafés, leisure facilities, flexible workspace and a two-form-entry primary school.
While around 70% of the homes are to be delivered as build to rent by Greystar, the remainder are for individual sale and affordable housing. Telford Homes has acquired part of the site, to deliver 194 homes for individual open market sale at an average selling price of circa £500,000 and 84 affordable homes for shared ownership.
The group intends to commence work on site in mid-2019, with completion expected in 2022.
Mark Allnutt, Greystar’s UK senior managing director, said: “We are very pleased to have reached this agreement with Telford Homes to deliver the apartments at Greenford, which will be available for open market sale and the affordable homes for shared ownership. Greenford is a strategically significant site for Greystar and the location for an exciting mixed-use, rental-led housing development. Telford Homes shares our vision for a dynamic canalside neighbourhood and we look forward to working together to create a vibrant community in west London.”
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