Telford Homes has announced it has exchanged contracts with Sainsbury’s for the conditional purchase of a 4.82-acre site in Ilford, subject to achieving satisfactory planning consent.
The scale of the site offers the opportunity for high quality sustainable placemaking, with the space and flexibility to deliver substantial amenities to meet the demands of future residents and the wider community. The acquisition adds to Telford Homes’ growing pipeline and underlines the brand’s continued belief in the strength of the Build to Rent market in London.
“We are delighted to be working with Sainsbury’s and to have exchanged contracts on this significant site in Ilford. The area is on the cusp of significant regeneration, driven by the opening of Crossrail next year, which is attracting new residents from across the capital.
“With rental demand already outstripping supply, this acquisition represents a significant growth opportunity as we continue to expand our Build to Rent pipeline. We believe this opportunity has all of the characteristics to enable Telford Homes to deliver a best-in-class product in Ilford.”Jerome Geoghegan, Group Land & Planning Director, Telford Homes
Sainsbury’s has been redeveloping sites of its existing stores into mixed use schemes since 2009. They will work with Telford Homes to redevelop Chapel Place and deliver a first-class destination in Ilford. The site benefits from an existing residential led planning permission, which the partnership anticipates enhancing to deliver over 1,000 new homes. Chapel Place will combine Build to Rent and affordable housing, alongside commercial space and a new purpose-built Sainsbury’s Local store.
Chapel Place is a 3-minute walk from Ilford Station, which provides direct links to key interchanges at Stratford and Liverpool Street – and with the addition of Crossrail, the development will offer quick and frequent services into Central London. This improved connectivity will attract new residents to the relative affordability of Ilford compared to other parts of London.
“This is a key transaction of the last 24 months and firmly supports London as one the most resilient cities around the globe. During a time of such economic, social and political turmoil, there remains enough confidence for Telford Homes to execute its single largest land purchase. At the same time, Sainsbury’s continues its mixed-use development program into outer London. It’s a fantastic result for Ilford and LB Redbridge and will help catalyse further investment and regeneration into the area.”Nick Parr, City & East Residential Development Partner, Knight Frank
Ambitious regeneration plans are already underway across Ilford – creating a thriving community in this significant regional hub. The growth of the area is also supported by the planned Crossrail opening in 2022.
Telford Homes and Sainsbury’s are committed to delivering a development that serves the needs of Ilford residents and will be enjoyed for generations to come. Further information on the proposals for Chapel Place will be shared with the local community as soon as possible.
“We have a proud history of serving the Ilford community and we’re partnering with Telford Homes to deliver a renewed vision for Chapel Place. We’re committed to working with the community to ensure this development meets their needs now and for the future.”Patrick Dunne, Sainsbury’s Property Director