U+I Group has agreed a deal to forward sell a residential conversion scheme in East London to IP Global after securing planning consent.
The company, formerly known as Development Securities, has entered into an agreement that will see IP Global buy all 122 flats at Valentine’s House, a 1970’s office block that will be extended and converted after achieving planning consent.
The scheme, which is located adjacent to Ilford station, also includes 16,000 sq ft of shops at the ground floor.
It is the second such deal U+I has agreed with IP Global, following the pre-sale of 121 flats at the Deptford Project in South London.
Quadrant Real Estate Advisors will provide £30.7m of construction debt for the development which is anticipated to start on site in the first quarter of next year and complete by the end of 2017 in time for the opening of Crossrail at Ilford station.
Matthew Weiner, Chief Executive, U+I said: “Designed by leading architect, Sir Terry Farrell, the building is being refurbished to the highest standards to create a desirable residential product in an otherwise undersupplied market in suburban London.
“This project further underlines our expertise in regenerating undervalued land and assets in an equity light manner to realise gains and create maximum value for Shareholders.”
