Criterion Capital has completed the purchase of a 2.6-acre site in Thurrock, Essex, for its second housing scheme.
London Trocadero owner Criterion branched into the residential sector in 2011 with the purchase of a stalled development at Trundleys Road, Surrey Quays – a scheme it has now completed comprising 138 homes with a gross development value of £40m.
The Thurrock site has consent for 140 homes, including 62 pre-sold to Family Mosaic.
Buy-to-let specialist Acorn Group, which manages Criterion’s residential portfolio, advised on the deal.
Criterion chief executive Asif Aziz said: “We are delighted that Trundleys Road is now completed and fully let.
“The speed and price per square foot at which the scheme was let demonstrates the opportunity that exists in build-to-let.
“We have substantial funds available to invest and the acquisition of the Howard Road site in Thurrock is one of many opportunities that we are looking at.
“We are specifically targeting sites within London and the South East that can provide a minimum of 50 residential units for let to the private rented sector.”
nick.whitten@estatesgazette.com
