Joint venture partners The Hill Group and Peabody have agreed a £116m deal with Goodstone Living to deliver 360 build-to-rent (BTR) homes at Dagenham Green in East London.
The new homes, which will comprise a mix of one-, two- and three-bedroom apartments across three residential buildings ranging from 14 to 18 storeys, will form part of the first phase of the regeneration of the former Ford Stamping Plant site.
The development will also feature extensive amenities including fitness and co-working areas, a concierge service, private dining spaces and two landscaped podium gardens overlooking a new urban park.
The first homes will be available from summer 2027, with full completion anticipated by summer 2028.
Once complete, Peabody’s wider masterplan for the 45-acre site will provide more than 3,500 new homes and extensive placemaking, public realm and amenities.
Andy Hill OBE, founder and group chief executive of The Hill Group, said: “We are delighted to agree this significant build-to-rent deal in partnership with Goodstone, as we actively seek to grow our rental pipeline. We have the vision to create an inclusive and welcoming community at Dagenham Green with high-quality homes across all tenures. These BTR homes will provide excellent amenities, connectivity and a ready-made community, ticking all the boxes for discerning renters.”
James McMylor, managing director, London North at Peabody, added: “At Peabody, we are committed to making a positive impact by providing high-quality, affordable homes in thriving communities. We’re pleased to see the first phase of our Dagenham Green masterplan coming to fruition, reflecting our approach to sustainable regeneration and inclusive growth. This partnership with our partners Hill and Goodstone will bring significant benefits to the local community as a part of a wider vision to regenerate East London and ensure that affordable living is a reality for everyone.”
Iliya Blazic, chief executive officer of Goodstone Living, said: “Goodstone’s investment in Dagenham Green demonstrates our strategy to deliver much-needed, high-quality rental housing in key regeneration areas on behalf of our institutional capital partners. We are committed to creating sustainable communities where residents can thrive, and this project reflects our focus on providing attainable rental housing with a tailored resident proposition, excellent transport connectivity, a mixture of functional, useable amenity space, all operated within an efficient and integrated management platform.”
Kevin Etchells, head of real assets at Greater Manchester Pension Fund on behalf of the Northern LGPS, added: “We are delighted to partner with Goodstone Living on this new project to deliver 360 much-needed new residential homes in East London. The UK has a significant undersupply of housing and the Northern LGPS Pool partners are proud to contribute to help solve this crisis. This partnership is a fantastic example of the opportunity for local government pension capital to partner with sector-specialist groups, such as Goodstone Living, to deliver new homes at attainable rents, while also generating community social value and attractive risk-adjusted returns for our members.”
Polly Simpson, head of multifamily development at Savills, said: “Advising The Hill Group and Peabody on this landmark deal is a significant step towards addressing vital housing needs and advancing the vision for regenerating east London. There are now over 123,500 completed build-to-rent homes in the UK, with a further 49,000 under construction. The additional pipeline, including those in pre-application, totals 109,800 homes. This highlights the growth of the sector and its importance in the UK’s housing mix.”
