Telford Homes and a joint venture between Ridgeback Group and Angelo Gordon have completed a £300m forward-funding deal to build a diversified portfolio of three BTR developments across London providing more than 750 homes.
The partners will deliver 223 BTR units at Capital Exchange Way in Brentford, with 197 affordable homes, a gym, co-working space and 45,000 sq ft of commercial and retail space. Telford is delivering the development through a joint venture with Catalyst by Design – a wholly-owned subsidiary of Catalyst Housing – and construction on the site commenced at the start of this year.
In Ilford, the joint venture will forward-fund 239 new homes – 162 BTR homes, 55 DMR homes, and 22 London Living Rent – at Mill Road, alongside 4,000 sq ft of amenity space. The homes will be owned and managed by Ridgeback.
And at Alperton Bus Garage (pictured), the partners are delivering a 306 home BTR development alongside a residents’ lounge, gym and co-working space. The mixed-use development, which will provide 27,000 sq ft of light industrial and last mile logistics space aimed at start-ups and small businesses, will also feature 155 affordable homes, which have been acquired by Greenstone.
Each scheme will be delivered in accordance with Telford’s ‘Building a Living Legacy’ strategic ambitions and the developer is targeting BREEAM Excellent ratings for the commercial and retail space in each development.
Charlie Weatherill, capital markets director at Telford Homes, said: “We’re delighted to be working with Angelo Gordon and Ridgeback on these three developments, which will provide much-needed build-to-rent homes in some of London’s most exciting neighbourhoods.
“Angelo Gordon and Ridgeback share our vision to create high-quality, sustainable rental communities that will deliver enduring value for communities, residents, and investors. This deal is an important step forward in our strategy to scale our build-to-rent pipeline and become the go-to partner for high quality rental accommodation in the capital and beyond.”
George Bossom, partner at Ridgeback Group, added: “Ridgeback, alongside our JV partner Angelo Gordon, is pleased to be working with Telford Homes to bring forward these three landmark developments to help meet the needs of the modern renter in these underserved locations. This acquisition demonstrates our continued appetite for investment in London and our objective to deliver high-quality homes for rent across the country.”
