17 April 2023
TELFORD HOMES AND NOTTING HILL GENESIS SECURE £66M FORWARD COMMITMENT TO DELIVER BUILD-TO-RENT HOMES AT GALLIONS QUARTER IN LONDON’S ROYAL DOCKS
Telford Homes, Notting Hill Genesis and London BTR Investments Limited (a joint venture between EQT Exeter and Sigma Capital Group), are pleased to announce that they have exchanged on a £66 million forward sale of the Build-to-Rent (BtR) element of the Gallions Quarter Phase 2B site at Royal Albert Wharf, in the Royal Docks. Units will be ready for occupancy in Q1 2024.
The project, which is a joint venture between Telford Homes, one of London’s leading residential and mixed-used developers, and Notting Hill Genesis, one of the largest housing associations in the country, will feature two buildings offering a total of 132 homes for market rent, which will be managed under Sigma’s Simple Life London brand. An additional 135 homes, 51% of the overall scheme, are being delivered as a combination of affordable rent and shared ownership and will be owned and managed by Notting Hill Genesis.
Gallions Quarter Phase 2B amenities will include a concierge and landscaped courtyards. The design has been carefully considered to respond to its immediate surroundings. Most of the homes (40% of which will be family sized homes) are double or triple aspect to allow light to flood in and improve wellbeing, and 614 sqm of separate play space will provide recreational facilities for the local community.
Located on Atlantis Avenue, Gallions Quarter is part of the multi-billion pound regeneration of the Royal Docks, which will transform the area into a new creative hub with thousands of new homes. Designated as a key area for growth, the location has enormous potential as it sits at the intersection of the Thames Estuary, is set within the Royal Docks and Beckton Riverside Opportunity Area and the UK’s Innovation Corridor and is London’s only Enterprise Zone. The development has an advantageous location right next to Gallions Reach station on the Docklands Light Railway, offering direct access to London’s financial and business districts and Crossrail at Custom House.
Once completed, Royal Albert Wharf will have been transformed into a vibrant mixed-use development for people to live and work, as well as providing employment and retail uses that complement and support the residential led development. Supported by GLA as landowner and through funding for the affordable housing, Notting Hill Genesis will have built 1,856 homes and 9,100 sqm commercial space, and 784 (42%) of these homes will be affordable housing.
Sustainability is at the heart of the design, and the development will achieve an EPC B rating ensuring the homes are energy and cost-efficient. The parking provided includes space for car clubs and electric vehicle charging; whilst the landscape consists of biodiverse-rich amenity planting including 152 sqm of arboretum, central lawn and meadow. Over the lifecycle of the development 450 construction jobs have been supported.
The deal will be Telford Homes’ twelfth BtR transaction and an exciting milestone for the business as it launches its ambitious go forward strategy to lead the living sector in the UK. Telford Homes has now delivered over 1,000 BtR homes across London, with a further 4,650 in the pipeline. The development marks Simple Life London’s eighth site within its London portfolio, bringing its total homes completed and underway to over 1,400, and over 8,000 homes completed and underway across the entire Simple Life brand UK-wide.
Charlie Weatherill, Capital Markets Director at Telford Homes, said: “We are delighted to have exchanged on this deal with Sigma and EQT Exeter. The closing of this transaction during a period of such macro-economic uncertainty underpins our strong conviction in the performance and resilience of the UK’s BtR sector - which continues to witness exceptional occupier demand - whilst new supply is increasingly constrained by continued economic uncertainty and ever more regulatory burdens.”
John Hughes, group director of development and deputy chief executive of Notting Hill Genesis, said: “Royal Albert Wharf is a triumph of partnership working and we are delighted to welcome Sigma and EQT Exeter to the future success of Royal Albert Wharf.
“We have a long and established commitment to delivering high quality homes to support local people in the communities where we work. In addition to the high levels of affordable housing at Gallions 2B we are very pleased to have secured further investment to support our long-term goal of regenerating this amazing and historic area.
“We are committed to providing high-quality homes and spaces across all tenures and few developments highlight that as well as Royal Albert Wharf.”
Jack Barnet, Investment & Acquisitions Director at Sigma Capital Group, said: “We’re delighted to be working with Telford Homes and Notting Hill Genesis on what is set to be an excellent development. Simple Life London prides itself on offering high standards of build to rent, both through its product and customer service.”
Peter Shacalis, Managing Director at EQT Exeter, said: “Gallions Quarter provides a compelling living proposition for renters in London: an affordable, waterside location with great connectivity within a well-designed, modern masterplan. We continue to pursue our strategy of targeting BtR assets with a strong value proposition for tenants.”