20 June 2019
Telford Homes Plc (AIM: TEF), the London focused residential property developer, is pleased to report that the Group has entered into a full design and build contract with Henderson Park and Greystar to deliver 894 build to rent homes at Nine Elms Park, Battersea, as anticipated in its preliminary results announced on 29 May 2019.
This contract follows on from the pre-construction development agreement signed in June 2017. After securing a detailed planning consent, Henderson Park and Greystar have now completed the purchase of the land from Royal Mail Group Limited.
The phased development is expected to be completed in late 2024 and will provide extensive resident amenities all within walking distance of two stations on the extended Northern Line and close to the new US Embassy.
The contract sum is £276.4 million with monthly payments to be made in accordance with work undertaken and a final payment on completion. The development is already included in our reported pipeline of 4,900 homes which is therefore unchanged.
Jon Di-Stefano, Chief Executive Officer of Telford Homes, said: “We are delighted to be building this exciting scheme for Henderson Park and Greystar. We have been working on the detailed design for some time such that we can immediately start work on site. We continue to make progress against our objective to increase the Group’s output of build to rent homes in London, and this contract with Henderson Park and Greystar, with whom we have a strong relationship, highlights our position as a trusted partner at the forefront of this fast growing sector.”
For further information:
Telford Homes Plc
Jon Di-Stefano, Chief Executive Officer
Katie Rogers, Chief Financial Officer
Guy Lambert, Head of Corporate Communications
Tel: +44 (0) 1992 809 800
Shore Capital (Nomad and Joint Broker)
Dru Danford / Patrick Castle
Tel: +44 (0) 20 7408 4090
Peel Hunt LLP (Joint Broker)
Charles Batten / Capel Irwin
Tel: +44 (0) 20 7418 8900
About Telford Homes
Established in 2000, AIM listed Telford Homes has grown to become one of London’s largest residential developers. The Company is dedicated to developing the homes and creating the places that London needs. The Group’s customers include institutional investors in the build to rent sector, housing associations, individual buy to let investors and owner-occupiers.
Telford Homes has a substantial development pipeline of £1.6 billion of future revenue comprising of 4,900 homes. The Company is a developer of residential-led mixed-use sites in locations across London where the need for homes far exceeds supply and invests in the communities it creates via its sustainability strategy. The Group focuses particularly on the growing build to rent market. For more information please visit: www.telfordhomes-ir.london.