Telford Homes buys Walthamstow development site for £33.9m

AIM-listed residential property developer Telford Homes has exchanged contacts with U+I and Parkdale Investments for the purchase of a "significant" residential-led development site in Walthamstow for £33.9m.

The 3.16 acre Equipment Works site has detailed planning consent for 257 open market homes, 80 affordable homes and 18,830 square feet of flexible commercial space. While the development can be marketed for individual sales, Telford expects to explore entering into a build to rent transaction for the delivery of the open market homes in the new year and will undertake the detailed design accordingly.

Chief executive Jon Di-Stefano said: "We are delighted to have completed the purchase of the Equipment Works site in Waltham Forest which we believe represents an excellent build to rent opportunity. This acquisition not only adds to our substantial development pipeline, but should further enhance our reputation as a significant developer of build to rent housing in London."

The site is situated within 150 metres of Blackhorse Road station on the Victoria line and London Overground. Vacant possession is expected by April 2018 and Telford intends to begin work in Autumn 2018 with completion anticipated in late 2021.

Also on Wednesday, Telford said it has exchanged contracts with the London Borough of Brent for the redevelopment of Gloucester House and Durham Court, a residential development site situated between Cambridge Road and Kilburn Park Road in South Kilburn, NW6.

The development will deliver 124 new open market homes, 102 affordable social rent homes and 10 shared equity homes in buildings ranging from four to eight storeys high. The gross development value of the scheme is expected to be around £95m.

At 1300 GMT, the shares were flat at 411p.