Telford Homes has sold the first phase of its joint venture at Chobham Farm in Stratford, E15, to its joint venture partner Notting Hill Housing Group.
Folio London, a subsidiary of the housing association, will take 112 of the 297 homes at the New Garden Quarter for £53.7m. The remaining units in the second phase are to complete in 2019 and will be for open market sale.
The forward funding arrangement will see an initial upfront payment followed by regular payments throughout the remaining construction period, with completion expected in 2018.
Jon Di-Stefano, chief executive of Telford Homes, said: “Telford Homes is now developing 483 build-to-rent homes across the four transactions that we have announced since February 2016, and we will continue to actively look for appropriate opportunities to increase this number in the future.”
The jv will no longer require any external debt finance for the development, which Telford says will save on funding costs and reduces the group’s longer term gearing requirements.
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