Greystar Real Estate Partners has acquired a BTR site in Stratford, East London, from developer Lifestory for £20m. The two-acre Stratford Mill site, which is located in the heart of the Pudding Mill masterplan, benefits from existing planning consent for 245 units.
The site is the second phase of a larger development, with the first phase already completed by Lifestory. Construction on site is due to commence in the second quarter of 2024, with completion anticipated in 2026.
Harry Downes, managing director – UK investment, at Greystar, said: “This strategic acquisition presents us with the opportunity to develop an attractive site in a fast-growing, and increasingly popular, pocket of London. The process was highly competitive and is further proof of Greystar’s well-recognised reputation for delivering purpose-designed and highly amenitised buildings at scale for multi-family, young professionals and student housing.
“Given we have invested £11bn in the UK and have a further £2bn to invest with a current operational portfolio and pipeline of 11,000 build-to-rent homes, we are well positioned to leverage the opportunities ahead in London – a key market in our global investment strategy.”
Chris Powell, regional managing director at Lifestory, added: “The sale of the second phase of Stratford Mill, a beautiful riverside site with planning consent for 245 homes, concludes a six-year journey for Anthology in Stratford and reflects a change of direction for the Lifestory Group. More than ever the residential market is bearing the weight of homeowners who are keen to downsize and have flexibility in later-life but are faced with a lack of choice.
“In line with this growing need and demand, we’ve decided to re-focus on delivering high-quality build-to-rent later-living products, with this sale enabling us to prioritise land purchases that support our new operating model. The popularity of the first phase of Stratford Mill suggests this development will continue to be a success, providing high-quality and much-needed homes for young professionals and first-time buyers as we concentrate our efforts on the over-60s market.”
Alex Soskin, director in the London development land team at Savills, which acted for Lifestory, said: “Despite the headwinds the residential development land market is currently facing, this transaction is evidence that well designed planning consents in established locations near to transport nodes remain in demand from active developers such as Greystar.”
