Telford Homes and Notting Hill Genesis have exchanged on the £66m forward sale of the BTR element of the Gallions Quarter Phase 2B site at Royal Albert Wharf, in the Royal Docks, to London BTR Investments – a JV between EQT Exeter and Sigma Capital Group.
The Royal Docks development, which is a JV between Telford Homes and Notting Hill Genesis, consists of two buildings offering 132 homes for market rent, which will be ready for occupancy in Q1 2024. The homes will be managed under Sigma’s Simple Life London brand.
An additional 135 affordable rent and shared ownership homes are being delivered at the site, which will be owned and managed by Notting Hill Genesis.
Charlie Weatherill, capital markets director at Telford Homes, said: “We are delighted to have exchanged on this deal with Sigma and EQT Exeter. The closing of this transaction during a period of such macro-economic uncertainty underpins our strong conviction in the performance and resilience of the UK’s BtR sector – which continues to witness exceptional occupier demand – whilst new supply is increasingly constrained by continued economic uncertainty and ever more regulatory burdens.”
John Hughes, group director of development and deputy chief executive of Notting Hill Genesis, added: “Royal Albert Wharf is a triumph of partnership working and we are delighted to welcome Sigma and EQT Exeter to the future success of Royal Albert Wharf.
“We have a long and established commitment to delivering high quality homes to support local people in the communities where we work. In addition to the high levels of affordable housing at Gallions 2B we are very pleased to have secured further investment to support our long-term goal of regenerating this amazing and historic area. We are committed to providing high-quality homes and spaces across all tenures and few developments highlight that as well as Royal Albert Wharf.”
Jack Barnet, investment and acquisitions director at Sigma Capital Group, said: “We’re delighted to be working with Telford Homes and Notting Hill Genesis on what is set to be an excellent development. Simple Life London prides itself on offering high standards of build to rent, both through its product and customer service.”
Peter Shacalis, managing director at EQT Exeter, added: “Gallions Quarter provides a compelling living proposition for renters in London: an affordable, waterside location with great connectivity within a well-designed, modern masterplan. We continue to pursue our strategy of targeting BTR assets with a strong value proposition for tenants.”
