Telford Homes, acting in a joint venture with Ridgeback Group and Angelo Gordon (the JV) has completed a landmark €338.3m (£300m) forward-funding deal to deliver a diversified portfolio of three high-quality Build to Rent developments across London. The deal marks a major milestone for Telford Homes as it continues to build its growing Build to Rent pipeline as a Trammell Crow Company Developer. The new project will provide over 750 Build to Rent homes across three sites – Capital Interchange Way in Brentford, Mill Road in Ilford, and the former Metroline Bus Garage in Alperton.
“We’re delighted to be working with Angelo Gordon and Ridgeback on these three developments, which will provide much-needed Build to Rent homes in some of London’s most exciting neighbourhoods. Angelo Gordon and Ridgeback share our vision to create high-quality, sustainable rental communities that will deliver enduring value for communities, residents and investors. This deal is an important step forward in our strategy to scale our Build to Rent pipeline and become the go-to partner for high quality rental accommodation in the capital and beyond," commented Charlie Weatherill, Capital Markets Director, Telford Homes.
The JV will forward fund 223 units – 211 Build to Rent homes and 12 Discounted Market Rent (DMR) homes – at Capital Interchange Way, which is Telford Homes’ first Build to Rent project in Brentford. It will include 45,000ft² of commercial and retail space, 197 affordable homes and improvements to the public realm. Amenities include a gym, lounge and co-working space spread across the ground and top floors of the development, and gardens and terraces above a first-floor podium.
The ongoing transformation of Brentford is creating a brand-new neighbourhood in a prominent and well-connected location, close to the River Thames and Kew Gardens. The development is being delivered by a joint venture between Telford Homes and Catalyst by Design, a wholly owned subsidiary of Catalyst Housing. Construction on site started at the beginning of 2023.
At Mill Road in Ilford, the JV will forward fund 239 new homes in the Build to Rent development, tapping into the growing rental market in Ilford, which has been driven by the ongoing regeneration of the area and the opening of the Elizabeth Line (Crossrail). The acquisition includes 162 Build to Rent homes, 55 DMR homes, and 22 London Living Rent (LLR) homes – all of which will be owned and managed as a single community by Ridgeback – alongside over 4,000ft² of residents’ amenity space throughout the building.
Once complete, the Mill Road development will also offer an improved public realm with pedestrian access to Ilford’s Elizabeth Line train station and the town centre, onsite play space, and new landscaping along the bank of the river Roding. Construction will start in February 2023.
The final asset in the portfolio is Alperton Bus Garage, a bespoke development of 306 Build to Rent homes alongside a residents’ lounge, gym, co-working areas, and over 12,000ft² of manicured residents’ gardens, terraces, and children’s play space at podium level. The scheme will also deliver 155 affordable homes, which have been acquired by Greenstone.
Telford Homes acquired the site in November 2021, having received planning approval from Brent Council to transform the current bus depot into a high-quality mixed-use residential and commercial development. Alongside the Build to Rent homes, the Alperton Bus Garage development will deliver 27,400ft² of light industrial and last mile logistics space, known as Alperton Yard. The space is aimed at supporting start-ups, small businesses and those in the creative industries.
