Long Harbour JV invest £260m in Walthamstow BTR

Specialist real estate investment, development and management firm – Long Harbour – is set to start construction on its latest Build to Rent development in Walthamstow. This marks the first deal within the Long Harbour, PSP Investments and Cadillac Fairview joint venture  partnership, which is investing £260m to deliver the scheme. The scheme is the latest to be delivered through the Long Harbour Multi-Family Fund 2 (LHMF 2), the company’s £1.5bn Build to Rent fund. Work on site will commence imminently and the scheme is expected to complete by Q3 2025.

The Build to Rent site is located on Selbourne Road in the heart of Walthamstow. Long Harbour recently acquired the site from Capital & Regional Plc having exchanged contracts in December 2020. The site is also adjacent to the 17&Central Shopping Centre, also owned by Capital & Regional, the UK convenience and community focused shopping centre REIT.

“This is an exciting moment for LHMF as work begins to deliver our latest development at Walthamstow, which will not only offer a totally unique experience for residents in a highly popular location, but also contribute to the transformation of the town centre.

“Residents will benefit from direct access to Walthamstow Central Station, providing fast connections to Central London via the Victoria line, while new homes and retail will complement each other to create a vibrant new town centre with significantly improved public realm. This is an excellent example of how Build to Rent development can enhance footfall and diversify uses in town centres.”

James Aumonier, Chief Operating Officer and Group Head of BTR, Long Harbour

Long Harbour has appointed volumetric modular developer – Tide Construction Ltd – to deliver the scheme, which will consist of 495 Build to Rent homes – a mix of one and two-bedroom apartments with private winter balconies, within two landmark towers of 34 and 26 storeys. The towers will be connected by an expansive ground floor entrance and amenity space – including a publicly accessible reception with dedicated concierge, lounge area and ground floor café. The scheme also features resident amenities on the upper floors – including a roof terrace, lounge and shared kitchen area for events. The development will also create up to 99 affordable rental homes and over 800 cycle storage spaces for residents.

Tide Construction will deliver the scheme using its Vision modular system, which allows both companies to fulfil the programme faster, safer and more sustainably than using traditional methods of construction. As with the company’s other developments, the carbon emissions of the construction process could be cut down by up to 45% with its innovative technology – as verified by independent academic research.

“We are partnering with Long Harbour on this substantial development to deliver high-quality homes efficiently and sustainably. Using the innovative technology of Vision Modular systems will enable us to reduce the carbon emissions associated with the construction process and minimise construction logistics, supporting our partnership’s strong environmental, social and governance credentials.

“The flexibility of our volumetric system also allows Tide and Vision to fulfil the design brief within this town centre Build to Rent scheme, which further highlights our company’s strong track record of revolutionising the way in which housing is delivered in the UK, demonstrating the potential of modular as a mainstream method of construction.”

Christy Hayes, CEO, Tide Construction

The Build to Rent scheme also aligns with the joint venture’s ESG targets, which includes the use of low-carbon building materials and measurement of carbon footprints during construction. The building has been designed with an increased focus on customer wellness, and once operational, will form part of the GRESB submission.

17&Central  will continue to operate throughout the construction of the new scheme. Capital & Regional has planning consent to extend 17&Central as part of its ongoing strategy to provide shops, restaurants, leisure and other necessity focused services tailored to the needs of the local community. Plans also include a new entrance to Walthamstow Central Station in the future, public realm improvements and improved landscaping, with new trees planted along Selbourne Road, and improved pedestrian and cycle routes.

Long Harbour multifamily fund targets expansion in London and South East

Long Harbour’s LHMF 2 is targeting high quality Build to Rent schemes of over 150 units in London, the South East and selected regional cities. Other assets include 476 homes across two phases at Tottenham Hale. The first phase, The Gessner opened in July 2021 – six months ahead of schedule and is fully let to residents. Long Harbour is also in active discussions on a number of other assets.