CBRE's Telford Homes Leads £300M Deal As Three Sites Kick-Start BTR Expansion
CBRE-owned Telford Homes and a joint venture between Ridgeback Group and Angelo Gordon have completed a £300M forward-funding package for three BTR developments across London.
The deal will provide more than 750 purpose-built BTR homes across Capital Interchange Way in Brentford, Mill Road in Ilford, and the former Metroline Bus Garage in Alperton.
The JV will forward-fund 223 BTR units at Capital Interchange Way, and it will include 45K SF of commercial and retail space and 197 affordable homes, plus improvements to the public realm.
The acquisition includes 211 BTR homes and 12 discounted market rent homes, a residents’ gym, a lounge and coworking space spread across the ground and top floors of the development, and gardens and terraces above a first-floor podium.
The development is being delivered by a JV between Telford Homes and Catalyst by Design, a wholly owned subsidiary of Catalyst Housing, and construction commenced at the start of 2023.
At Mill Road in Ilford, the JV will forward-fund all 239 new homes in the purpose-built BTR development. The acquisition includes 162 BTR homes, 55 DMR homes and 22 London Living Rent homes — all of which will be owned and managed by Ridgeback — alongside more than 4K SF of residents’ amenity space. Construction will start in February 2023.
Alperton Bus Garage, a development of 306 BTR homes alongside a residents’ lounge, gym, co-working areas, and over 12K SF of residents’ gardens, terraces and children’s play space, will also deliver 155 affordable homes, 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 mixed-use residential and commercial development. It will also include 27K SF of light industrial and last mile logistics space, known as Alperton Yard.
“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,” Telford Homes Capital Markets Director Charlie Weatherill said.
