9 July 2020
Telford Homes conditional acquisition of Rotherhithe Gas Holder
Telford Homes is pleased to announce that it has exchanged contracts for the conditional purchase of the Rotherhithe Gas Holder site, in a joint venture with SGN, the current owners of the site. The site has been acquired subject to achieving a satisfactory planning consent.
Telford Homes was selected as joint venture partner on the 2.4 acre site via a competitive tender process that commenced in April 2019.
Located in the heart of the vibrant Rotherhithe area, the site is just 500m from London Underground Jubilee line services at Canada Water, and 200m from London Overground services from Rotherhithe Station, providing easy access to Canary Wharf, The West End and Shoreditch.
Telford Homes will work with SGN to design four new residential buildings, offering a mix of Build to Rent and affordable homes together with residential amenities.
Rental demand in Rotherhithe is very strong - demonstrated by the area’s average annual rental growth outstripping both the wider London Borough of Southwark and London as a whole. The area is due to further benefit from British Land’s £3.3bn regeneration of Canada Water, which will include 4,000 new homes as well as around one million sq. ft of retail, leisure, entertainment, education and community space.
Jerome Geoghegan, Group Land & Planning Director at Telford Homes, comments, “Rotherhithe is an attractive area for Londoners on account of its quiet residential feel, combined with excellent transport links to the heart of the city. The ongoing regeneration of nearby Canada Water is set to further benefit this vibrant part of South East London. Rental demand is strong in the area and this joint venture with SGN provides another exciting opportunity to enhance our Build to Rent development pipeline.”
Richard Garvey, Property Development Director, SGN Place comments,
“We are delighted to exchange contracts with Telford Homes on the first of a number of Joint Ventures we are planning across our sites in Greater London. SGN and its predecessor companies have owned this site since the mid-nineteenth century but changes to the way in which we store gas mean that the majority of the site is now surplus to operational requirements.
“The area has obviously changed a lot over the years the site has been in our ownership and is a great location. Telford impressed during the tender process both in their approach to the Joint Venture and in the quality of what they are currently building, and we are looking forward to working with them to bring this site back into use and provide new homes.
Proposed CGI (indicative only, still in development prior to planning)