Telford Homes and Notting Hill Genesis have exchanged on a £66m forward-sale of the Build to Rent element of the Gallions Quarter Phase 2B site at Royal Albert Wharf, in the Royal Docks with London BTR Investments Limited (a joint venture between EQT Exeter and Sigma Capital Group). The project topped out in March and the units will be ready for occupancy in Q1 2024. Over the lifecycle of the development, 450 construction jobs have been supported.
“We are delighted to have exchanged on this deal with Sigma and EQT Exeter. The closing of this transaction during a period of such macro-economic uncertainty underpins our strong conviction in the performance and resilience of the UK’s Build to Rent sector – which continues to witness exceptional occupier demand – whilst new supply is increasingly constrained by continued economic uncertainty and ever more regulatory burdens.”Charlie Weatherill, Capital Markets Director, Telford Homes
The 132 Build to Rent homes at Gallions Quarter Phase 2B will be managed under Sigma Capital’s Simple Life London brand. With sustainability is at the heart of the design, the development will achieve an EPC B rating ensuring homes are energy and cost-efficient.
Residents will benefit from direct access to London’s financial and business districts and Crossrail at Custom House from Gallions Reach station, which is next to the development.
“We’re delighted to be working with Telford Homes and Notting Hill Genesis on what is set to be an excellent development. Simple Life London prides itself on offering high standards of Build to Rent, both through its product and customer service.”Jack Barnet, Investment & Acquisitions Director, Sigma Capital Group
Gallions Quarter Phase 2B amenities include a concierge and landscaped courtyards. The parking provided includes space for car clubs and electric vehicle charging and the landscape consists of biodiverse-rich amenity planting including 152 sqm of arboretum, central lawn and meadow.
The design has been carefully considered to respond to its immediate surroundings. Most homes at Gallions Quarter Phase 2B (40% of which will be family sized homes) are double or triple aspect to allow light to flood in and improve wellbeing, and 614 sqm of separate play space will provide recreational facilities for the local community.
Gallions Quarter is part of the multi-billion-pound regeneration of the Royal Docks, which will transform the area into a new creative hub with thousands of new homes.
“Gallions Quarter provides a compelling living proposition for renters in London: an affordable, waterside location with great connectivity within a well-designed, modern masterplan. We continue to pursue our strategy of targeting Build to Rent assets with a strong value proposition for tenants.”Peter Shacalis, Managing Director, EQT Exeter
Located on Atlantis Avenue – which has been designated as a key area for growth – the location has enormous potential as it sits at the intersection of the Thames Estuary, is set within the Royal Docks and Beckton Riverside Opportunity Area and the UK’s Innovation Corridor and is London’s only Enterprise Zone.
Once completed, Royal Albert Wharf will have been transformed into a vibrant mixed-use development, providing employment and retail uses that complement and support the residential led development. Supported by GLA as landowner and through funding for the affordable housing, Notting Hill Genesis will have built 1,856 homes (784 (42%) of these homes will be affordable housing) and 9,100 sqm commercial space.
“Royal Albert Wharf is a triumph of partnership working and we are delighted to welcome Sigma and EQT Exeter to the future success of Royal Albert Wharf.
“We have a long and established commitment to delivering high quality homes to support local people in the communities where we work. In addition to the high levels of affordable housing at Gallions 2B we are very pleased to have secured further investment to support our long-term goal of regenerating this amazing and historic area.
“We are committed to providing high-quality homes and spaces across all tenures and few developments highlight that as well as Royal Albert Wharf.”John Hughes, Group Director of Development and Deputy Chief Executive of Notting Hill Genesis
The deal is Telford Homes’ twelfth Build to Rent transaction and an exciting milestone for the business as it launches its ambitious go forward strategy to lead the living sector in the UK. The company has currently delivered over 1,000 Build to Rent homes across London, with a further 4,650 in the pipeline.
The Gallions Quarter Phase 2B development also marks Simple Life London’s eighth site within its London portfolio, bringing its total homes completed and underway to over 1,400, and over 8,000 homes completed and underway across the entire Simple Life brand UK-wide.