Long Harbour has agreed to forward purchase a 370-home build-to-rent (BTR) development from St George – part of the Berkeley Group – in Beaufort Park in Colindale, North West London, for an undisclosed price.
The acquisition was made as part of the Long Harbour Multi-Family Joint Venture 2 (LHMF 2) with the Public Sector Pension Investment Board (PSP Investments) and Cadillac Fairview/Ontario Teachers’ Pension Plan (OTPP).
Construction of the new homes and more than 10,000 sq ft of private amenity space is already underway, with a phased handover planned for 2025-2026. When the BTR homes are complete they will be operated by management platform Way of Life.
James Aumonier, chief operating officer at Long Harbour, said “Having launched two assets this year, we are delighted to announce the acquisition of Beaufort Park and add this to our best-in-class portfolio. This demonstrates our ongoing conviction in the UK multi-family sector and London as a global hub. BTR will be vital to the supply of housing for the next 10 years, and we continue to work with partners in delivering high quality homes for rent.”
Piers Clanford, chairman of St George, added: “We are delighted to be partnering with Long Harbour to deliver the final phase of the Beaufort Park masterplan and bring more high-quality homes, jobs and opportunities to the Colindale community.
“At the Berkeley Group we believe regenerating brownfield land, like this former aerodrome site, is the most sustainable way to solve the housing crisis, strengthen local communities and re-energise our towns and cities. Long Harbour share that vision and we are proud to be working with them to secure the long-term growth and investment London needs.”
Savills advised Long Harbour and CBRE advised St George.
