Telford Homes conditional acquisition of Mill road car park in Ilford
Telford Homes is pleased to announce that it has exchanged contracts for the conditional purchase of Mill Road Car Park in Ilford from Urban & Provincial, subject to achieving satisfactory planning consent.
An established regional hub, Ilford is on the cusp of significant regeneration. The 0.74 acre site is situated in close proximity to Ilford Station, which provides direct links to key interchanges at Stratford and Liverpool Street. From next year, the station will be on London’s new Crossrail line - providing much faster services into Central London and meaning the site is easily accessible to London’s three key employment hubs; the West End, The City of London, and Canary Wharf.
The site currently benefits from an allocation for residential use, and is located within a designated tall building zone. The development will be purposely designed for Build to Rent, and the purchase is conditional on planning, Telford Homes will be working in collaboration with Urban & Provincial to transform the car park into a vibrant residential quarter with over 200 new homes and community uses.
The market for Build to Rent is fast emerging in Ilford, underpinned by strong demographic trends. Anticipated population growth upon the opening of Crossrail is expected to drive this further as the area attracts new residents from across London.
Jerome Geoghegan, Group Land & Planning Director at Telford Homes, comments, “We are delighted to have exchanged contracts on the Mill Road car park in Ilford. Ilford is on the cusp of significant regeneration, and represents a real growth opportunity. Coupled with the increased demand for Build to Rent in the area, this acquisition is an exciting addition to our development pipeline.”
Will Banbury, Head of Land at Urban & Provincial, comments: “Urban & Provincial are very pleased to be working with Telford Homes again, having previously worked together on the Bermondsey Works scheme in Southwark. We share an exciting vision for this project which will enhance the locality whilst delivering much needed homes in London”.