Forward-funding agreed for new UNCLE Deptford scheme

Realstar and Lendlease agree forward-funding acquisition for UNCLE Deptford, a new UNCLE Build to Rent development in Deptford.

London view where Realstar and Lendlease are forward-funding UNCLE Deptford in south east London | BTR News
London view where Realstar and Lendlease are forward-funding UNCLE Deptford in south east London.

Realstar and Lendlease announce the completion of a £120m GDV forward-funding deal to deliver a new UNCLE development in Deptford. Through a joint venture with QuadReal, Realstar will forward-fund the Build to Rent element of the project, called UNCLE Deptford. The scheme is set to complete in 2024.

UNCLE Deptford, situated in south east London, will include 251 purpose-built Build to Rent homes. Each apartment will have its own balcony, and buildings will be arranged around a landscaped courtyard. Amenities include shared and private co-working, a Peloton studio as well as a few other surprises. The wider development is on the doorstep of Deptford Park, and will include commercial spaces to help placemaking in the up-and-coming area.

“We’re delighted that Realstar will launch their latest UNCLE development at Deptford Landings. They’ll add a much-needed Build to Rent offering to the mix of new homes on offer in a neighbourhood that benefits from green spaces and excellent transport links. We’re looking forward to delivering a high-quality building containing vital new homes and welcoming them to Deptford.”

Colin Murphy, Lendlease Project Director, Deptford Landings

UNCLE Deptford is set to benefit from the future growth of the surrounding area, including British Land’s development of Canada Water and Hutchinson’s development of Convoys Wharf, which will both deliver thousands of new homes as well as employment uses and placemaking.

Situated between Surrey Quays overground station and Deptford national rail stations in Zone 2, UNCLE Deptford is 500m away from the banks for the River Thames. Residents will have access to great transport links to Canary Wharf, the City of London and Shoreditch.

“From day one our strategy has been to align ourselves with top-tier partners to help meet our aspiration to become the most well-regarded, well-known Build to Rent brand in London. It goes without saying that Lendlease hits the bullseye.

“In terms of the location, I’ve always felt like the brand’s roots are in south east London. UNCLE Deptford will fit perfectly alongside a number of our other south London locations like Stockwell, New Cross and of course Elephant & Castle, our Richard Rogers designed flagship tower. The development will offer the full complement of what UNCLE is now known for – gorgeous design blended with adoring service and amenities that are created to make your friends and relatives envious.”

Ryan Prince, Vice Chairman of Realstar and Founder of UNCLE

This transaction will expand Realstar’s UK residential portfolio to c. £1.5bn and over 3,500 apartments across 16 properties – of which 11 are operated under its UNCLE brand. The UNCLE Deptford scheme is the 11th property in the fast-growing UNCLE portfolio and is the second new development deal announced by Realstar in 2022.

Following this transaction, Realstar will have five properties under construction delivering a total of 1,555 new apartments and over one million square feet of residential space over the next three years in partnership with Redrow, Telford, HUB and now Lendlease.

Lendlease has already delivered 203 apartments to date. The company intends to develop over 1,000 apartments (including affordable housing), c. 400 students rooms and 120,000sf of commercial space in future phases.