Telford Homes PLC Acquisition of part of Greystar site in Greenford (2586G)
November 05 2018 - 2:00AM
UK Regulatory
TIDMTEF
RNS Number : 2586G
Telford Homes PLC
05 November 2018
05 November 2018
Telford Homes Plc
('Telford Homes' or the 'Group')
Acquisition of part of Greystar site in Greenford, UB6
Telford Homes Plc (AIM: TEF), the London focused residential
property developer, is pleased to announce that it has exchanged
contracts for the purchase of part of Greystar's significant
development site in Oldfield Lane North, Greenford, UB6 for a total
consideration of GBP28.4 million.
The development, a 20-acre mixed use scheme on the banks of the
Grand Union Canal in Greenford, has planning consent for 1,965
homes along with retail space, restaurants and cafes, leisure
facilities, flexible work space and a two-form entry primary
school. Whilst around 70 per cent of the homes are to be delivered
as build to rent by Greystar the remainder are for individual sale
and affordable housing. Telford Homes has acquired part of the site
to deliver 194 homes for individual open market sale at an average
selling price of circa GBP500,000 and 84 affordable homes for
shared ownership.
The site is serviced by excellent transport links being situated
a few minutes' walk from Greenford Underground station on the
Central Line which is then a 26 minute journey to Bond Street and
the new Crossrail intersection. The Group intends to commence work
on site in mid 2019 with completion anticipated in 2022.
Jon Di-Stefano, Chief Executive of Telford Homes, commented: "We
are delighted to have exchanged contracts to acquire our first site
in the London Borough of Ealing. We have an excellent relationship
with Greystar which has allowed them to place their trust in
Telford Homes to deliver an important part of this flagship scheme
and we will continue to work closely together as the development
progresses. Homes for individual open market sale remain an
important part of our business model especially at affordable
prices and in great locations like Greenford.
Mark Allnutt, Greystar Senior Managing Director, UK said: "We're
very pleased to have reached this agreement with Telford Homes to
deliver the apartments at Greenford which will be available for
open market sale and the affordable homes for shared ownership.
Greenford is a strategically significant site for Greystar and the
location for an exciting mixed-use, rental-led housing development.
Telford Homes share our vision for a dynamic canal side
neighbourhood and we look forward to working together to create a
vibrant community in west London."
- Ends -
For further information:
Telford Homes Plc
Jon Di-Stefano, Chief Executive
Katie Rogers, Group Financial Director Tel: +44 (0) 1992 809
800
Guy Lambert, Head of Corporate Communications www.telfordhomes.london
Shore Capital (Nomad and Joint Broker)
Dru Danford / Patrick Castle Tel: +44 (0) 20 7408
4090
Peel Hunt LLP (Joint Broker)
Charles Batten / Capel Irwin Tel: +44 (0) 20 7418
8900
Media enquiries:
Buchanan (PR Adviser)
Henry Harrison-Topham / Steph Watson Tel: +44 (0) 20 7466
5000
telfordhomes@buchanan.uk.com www.buchanan.uk.com
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END
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