Greystar acquires Stratford Mill site for Build to Rent

Greystar acquires the Stratford Mill site in east London from Lifestory, to deliver a new Build to Rent scheme.

Stratford station which is close by to the Stratford Mill site that Greystar has acquired for a Build to Rent scheme | BTR News
Stratford station which is close by to the Stratford Mill site that Greystar has acquired for a Build to Rent scheme.

With an existing capital partner, Greystar has exchanged contracts with Lifestory to acquire a new Build to Rent site – Stratford Mill – in Stratford, east London for £20m. The acquisition is the most recent phase of the company’s successful growth strategy in the UK. Greystar’s teams acted on the transaction and Savills London Development Land team acted for Lifestory.

“Despite the headwinds the residential development land market is currently facing, this transaction is evidence that well designed planning consents in established locations near to transport nodes remain in demand from active developers such as Greystar.”

Alex Soskin, Director in the London Development Land Team, Savills

Located in the heart of the Pudding Mill masterplan, the Stratford Mill site – which has existing planning consent – will deliver 245 new homes. Construction is due to start in Q2 2024 with completion predicted for 2026.

The Stratford Mill site is well connected and is in a mixed-use area, which includes a significant and diverse element of business floorspace and space for up to 1,500 new homes.

Residents will benefit from being a short walk away from Stratford station and the adjacent Pudding Mill Lane station, which provide direct trains into central London. Stratford town centre is also in nearby, and offers a variety of supermarkets, independent and popular eateries, and retail amenities – including Westfield Stratford. 

“This strategic acquisition presents us with the opportunity to develop an attractive site in a fast-growing, and increasingly popular, pocket of London. The process was highly competitive and is further proof of Greystar’s well-recognised reputation for delivering purpose-designed and highly amenitised buildings at scale for multifamily, young professionals and student housing.

“Given we have invested £11bn in the UK and have a further £2bn to invest with a current operational portfolio and pipeline of 11,000 Build to Rent homes, we are well positioned to leverage the opportunities ahead in London – a key market in our global investment strategy.”

Harry Downes, Managing Director – UK Investment, Greystar

The Pudding Mill masterplan forms part of the wider regeneration of the Queen Elizabeth Olympic Park – which is on track to be an exemplary piece of urban design. The two-acre Stratford Mill site is the second phase of a larger development, with the first phase competed by UK-based developer Lifestory.

With Greystar’s proven track record of delivering sustainable regeneration sites focused on the management of communities, underpinned by good capital availability, it makes the company the ideal developer to execute the next phase of the site.

This acquisition comes as the Lifestory Group change direction to move over to a new operating model – which will focus on Build to Rent later-living products.

“The sale of the second phase of Stratford Mill, a beautiful riverside site with planning consent for 245 homes, concludes a six-year journey for Anthology in Stratford and reflects a change of direction for the Lifestory Group. More than ever the residential market is bearing the weight of homeowners who are keen to downsize and have flexibility in later-life but are faced with a lack of choice. 

“In line with this growing need and demand, we’ve decided to re-focus on delivering high-quality Build to Rent later-living products, with this sale enabling us to prioritise land purchases that support our new operating model. The popularity of the first phase of Stratford Mill suggests this development will continue to be a success, providing high-quality and much-needed homes for young professionals and first-time buyers as we concentrate our efforts on the over-60s market.”

Chris Powell, Regional Managing Director, Lifestory