Telford Homes, the London focused residential property developer, has purchased part of a development site in the London Borough of Ealing from Greystar for £28.4 mln (€32 mln).
The plot, which forms part of Greystar’s significant development site in Oldfield Lane North, Greenford, UB6, includes a 20-acre mixed use scheme on the banks of the Grand Union Canal.
'We are delighted to have exchanged contracts to acquire our first site in the London Borough of Ealing,' said Jon Di-Stefano, chief executive of Telford Homes.
'We have an excellent relationship with Greystar which has allowed them to place their trust in Telford Homes to deliver an important part of this flagship scheme and we will continue to work closely together as the development progresses.'
The site has planning consent for 1,965 homes along with retail space, restaurants and cafes, leisure facilities, flexible work space and a primary school. Whilst around 70% of the homes are to be delivered as build to rent by Greystar, the remainder are for individual sale and affordable housing.
Telford Homes said it had acquired part of the site to deliver 194 homes for individual open market sale at an average selling price of circa £500,000 and 84 affordable homes for shared ownership.
The group intends to commence work on site in mid 2019 with completion anticipated in 2022.