05 January 2022
TELFORD HOMES AND REALSTAR FINALISE £91m FORWARD-FUNDING DEVELOPMENT FOR A NEW UNCLE BUILD TO RENT PROJECT IN NORTH ACTON
Telford Homes and Realstar are pleased to announce the completion of a £91m forward-funding arrangement to deliver a landmark UNCLE rental housing development at the Perfume Factory site in North Acton.
Realstar, through its BTR joint venture with QuadReal, will forward fund the entirety of the 238-unit build-to-rent project. UNCLE Acton, as the project will be known, is designed with the intention of offering future residents exceptional lifestyle facilities and will also benefit from a range of features to ensure the building can be operated as efficiently and sustainably as possible, including air source heat pumps to deliver low carbon heating and hot water.
The deal will be Telford Homes’ 8th bespoke BtR forward funding agreement and an important milestone for the business as it continues to build its growing BtR pipeline as a Trammel Crow Company Developer. It will also bring UNCLE’s mission-oriented rental housing ‘chain’, designed to offer ‘renting as it should be’, to 10 locations including London (8), Leeds and Manchester. In addition to the new UNCLE element, the scheme will also include 138 affordable homes as well as improvements to the public realm - delivering a sustainable new community in London which residents will enjoy for years to come.
Situated in the heart of North Acton, the UNCLE Acton site is set to benefit from the significant infrastructure-led transformation of the area, which is bringing thousands of new homes as well as public transport network improvements. It is less than a mile away from the Old Oak Common regeneration area, which has been prioritised by the Mayor of London as a housing and employment-led regeneration zone.
Construction work has already commenced and is set to be completed during 2024.
Charlie Weatherill, Capital Markets Director at Telford Homes, comments, “We’re delighted to be working with Realstar on the Perfume Factory, which will offer a market-leading BtR offering in North Acton, through its UNCLE brand. Realstar is one of the most active and innovative investors in the UK’s build-to-rent market, and we share their vision in developing high quality, sustainable rental communities that form a critical element in helping to solve London’s housing crisis.”
Ryan Prince, Vice Chairman of Realstar and Founder of UNCLE, said: “We are thrilled to be working with Telford Homes on the launch of UNCLE Acton which will see us add another first-class BtR development to our portfolio. This is a really exciting time for the area with Crossrail coming down the line and we are delighted to be able to play our part in delivering this fantastic new development right in the heart of Acton. Our BtR developments are continuing to attract a surge of interest which is a sign that we are meeting the needs of the modern renter as the sector continues to rapidly evolve.”