Specialist real estate investment, development and management firm – Long Harbour – in a joint venture with PSP Investments and Cadillac Fairview agree to forward purchase a Build to Rent development within Leaside Lock in Tower Hamlets, London. Knight Frank advised Long Harbour and CBRE advised The Guinness Partnership. This is the second deal in the joint venture’s
This acquisition is the joint venture’s second deal, which forms part of The Long Harbour Multi-Family Joint Venture 2 (LHMF 2), the firm’s £1.5bn Build to Rent fund which targets high quality schemes of over 150 units in London, the South East and selected regional cities. The announcement follows recent news of the joint venture’s first deal, a £260m investment in a Build to Rent scheme in Walthamstow, which will see construction start imminently.
Leaside Lock is a vibrant new riverside community in the heart of East London, in Zone 2’s Bromley-by-Bow, E3. The Build to Rent element of Leaside Lock will deliver 204 new Build to Rent homes – a mix of one, two and three-bedroom apartments – forming part of the wider masterplan which aims to deliver 965 new homes.
The scheme is being delivered by The Guinness Partnership, one of the largest providers of affordable housing and care in England, alongside development manager Danescroft. This phase of the masterplan will also deliver 13,000 sq ft of residential amenity space alongside a further 20,000 sq ft of retail space, collectively creating a cohesive community.
“We are pleased to have exchanged contracts with Long Harbour for the delivery of 204 homes as well as commercial space, as part of our 965 homes development at Leaside Lock, Bromley-by-Bow. We look forward to working with Long Harbour to compliment the provision of open market, shared ownership and affordable rented homes as part of this exciting development.”Jon Milburn, Group Development Director, The Guinness Partnership
All Long Harbour Multi-Family properties are overseen in-house by award-winning management platform, Way of Life – who have a strong focus on delivering LHMF 2’s ESG agenda and GRESB targets. The new scheme will launch in the first half of 2023. Once operational, Way of Life will also launch its ‘Community Life’ programme for residents and the wider local community.
The new development is located a short walk from the River Lea, and is surrounded by independent shops and bars. It is also near popular attractions such as Westfield and well-known creative hubs such as Hackney Wick and Here East.
Leaside Lock is a key part of the ongoing regeneration of the Olympic Park area, led by the London Legacy Development Corporation (LLDC). It benefits from excellent transport links, with central London within easy reach – including commercial hubs like Stratford and Canary Wharf. It also forms part of Tower Hamlets Council’s Leaside Area Action Plan, which outlines plans for growth and regeneration within this strategic part of London.
“This latest acquisition demonstrates clear momentum for Long Harbour as we deliver on our LHMF investment strategy in collaboration with our management platform, Way of Life. This further progresses our ambitious £1.5bn Build to Rent platform alongside our JV partners Cadillac Fairview and PSP Investments.
“The quality of the Way of Life offer, from a design and consumer experience perspective, is a clear market differentiator, as recently acknowledged by leading cultural magazine Wallpaper, amongst others. Working alongside an exceptional international design team and our best in class delivery partners LLDC, Tower Hamlets Council, Danescroft and The Guinness Partnership, our aim is to build on the success of our latest opening, The Gessner in Tottenham Hale, to create something exceptional once again.”James Aumonier, Chief Operating Officer and Group Head of BTR, Long Harbour