Telford Homes and Realstar complete forward-funding for UNCLE Acton

Telford Homes and Realstar finalise a £91m forward-funding arrangement for UNCLE Acton, a Build to Rent project in North Acton.

Perfume Factory UNCLE Acton - Telford Homes | Realstar | BTR News
Perfume Factory UNCLE Acton scheme.

Telford Homes and Realstar announce the completion of a £91m forward-funding arrangement to deliver a landmark rental housing development – named UNCLE Acton – at the Perfume Factory site in North Acton. 

Through its Build to Rent joint venture with QuadReal, Realstar will forward fund the entirety of the project. UNCLE Acton will deliver 238 new Build to Rent homes designed to offer future residents exceptional lifestyle facilities. Residents will also benefit from a range of sustainable features to ensure the building can operate as efficiently as possible – which will include air source heat pumps to deliver low carbon heating and hot water.

UNCLE Acton will also include 138 affordable homes as well as improvements to the public realm – delivering a sustainable new community in London for residents to enjoy for years to come. Construction work has already started and the scheme is expected to complete during 2024.

CGI of the Perfume Factory UNCLE Acton development - Telford Homes | Realstar | BTR News
CGI of the Perfume Factory UNCLE Acton development.

This new deal will be Telford Homes’ 8th bespoke Build to Rent forward funding agreement. It is also an important milestone for the business as it continues to build its growing Build to Rent pipeline as a Trammel Crow Company Developer.

We’re delighted to be working with Realstar on the Perfume Factory, which will offer a market-leading Build to Rent offering in North Acton, through its UNCLE brand. Realstar is one of the most active and innovative investors in the UK’s Build to Rent market, and we share their vision in developing high quality, sustainable rental communities that form a critical element in helping to solve London’s housing crisis.” 

Charlie Weatherill, Capital Markets Director, Telford Homes

The UNCLE Acton site – situated in the heart of North Acton – is under a mile away from the Old Oak Common regeneration area, which has been prioritised by the Mayor of London as a housing and employment-led regeneration zone. UNCLE Acton is also set to benefit from  the significant infrastructure-led transformation of the area, which is bringing thousands of new homes and public transport network improvements.

CGI of the Perfume Factory UNCLE Acton Build to Rent scheme - Telford Homes | Realstar | BTR News
CGI of the Perfume Factory UNCLE Acton Build to Rent scheme.

This new forward-funding deal adds to UNCLE’s mission-oriented rental housing chain, bringing it to ten locations – eight in London and one in both Leeds and Manchester, designed to offer ‘renting as it should be’.

“We are thrilled to be working with Telford Homes on the launch of UNCLE Acton which will see us add another first-class Build to Rent development to our portfolio. This is a really exciting time for the area with Crossrail coming down the line and we are delighted to be able to play our part in delivering this fantastic new development right in the heart of Acton. Our Build to Rent developments are continuing to attract a surge of interest which is a sign that we are meeting the needs of the modern renter as the sector continues to rapidly evolve.”

Ryan Prince, Vice Chairman of Realstar and Founder, UNCLE