Telford Homes sells North London scheme to rental specialist

Grant Prior 6 months ago
Share

Telford Homes is selling its Pavilions scheme in north London to L&Q Housing Association for £66.75m.

caledonian road
The development site at Caledonian Road

The job on Caledonian Road is currently under construction and is due for completion by mid 2018.

It contains 156 homes of which L&Q will now let 96 under its Private Rented Sector portfolio with the remaining 60 being affordable housing.  

Original plans were to sell most of the flats on the open market.

Telford Homes describes itself as a “non-prime” London developer as fears continue to grow about the over supply of apartments at the top end of the market in the capital.

The firm is now looking to sell further schemes to PRS specialists.

Telford said: “There is increasing institutional demand for high quality, well located developments to be ‘built for rent’ and the Group has been very encouraged by the overall response to the marketing of The Pavilions. 

“Telford Homes is already exploring a second development for sale in the sector and the Board expects that similar de-risked PRS sales to blue chip organisations will form an important part of the Group’s balanced sales mix going forward.”

Jon Di-Stefano, Chief Executive of Telford Homes, added:  “We are delighted to have concluded our first PRS deal with a well-established PRS provider, who are already a valued partner to the Group.

“The strong level of interest shown in The Pavilions by PRS investors confirms the potential of the PRS market anticipated at the time of our equity placing in November 2015. 

“Telford Homes continues to benefit from an imbalance between demand and supply of homes in non-prime London and this transaction marks the start of a new aspect to the Group’s sales mix achieving de-risked forward sales with exceptional capital returns.”

Latest news

Balfour resurrects Kilpatrick name for new M&E arm

New £300m revenue M&E business formed from merger of engineering services into engineering construction operation
11 hours ago

Great Ormond Street starts talks for £190m phase 4

Trust aims to appoint main contractor and design team in the Spring
15 hours ago

Galliford Try kicks-off London regen zone with £175m project

First major scheme in capital's Old Oak Common zone to start in the New Year
19 hours ago

Speedy offloads large plant fleet for £14m

Ardent Hire snaps up troubled firm's excavator, dumper and road roller fleet
19 hours ago

McAlpine wins £16m HQ for world’s biggest telescope

Work to start in December at University of Manchester’s Jodrell Bank site
20 hours ago

Three in race for £33m Strathclyde Uni sports and health complex

Balfour, BAM and Morgan Sindall in hunt for University's next Glasgow building project
1 day ago

Essential Living goes modular for 23-storey PRS tower

Fast-tracked Creekside Wharf will be one of the country's tallest modular buildings
2 days ago

CITB warns apprenticeship levy to cut funding by 30%

Industry training board warns firms will be deterred from taking on apprentices
19 hours ago

Brickbats fly over looming brick shortage fears

Row kicks off after estate agents blame house price rises on lack of brick supply
1 day ago

Betting Spy: Jeremy Corbyn can make us all money

Tories look a good thing at evens to win a majority at the next election
1 day ago

Bam Mott JV green light for £36m Hull flood defences

Bam Nuttall/Mott MacDonald JV to shore up defences along a 7.5km stretch of the river
2 days ago

Government to miss new homes target by over 250,000

The Treasury is rumoured to be finalising plans for a fresh housing stimulus
1 day ago

Kier starts £48m Cambridge tech firm HQ expansion

ARM HQ expansion at Peterhouse Technology Park gets underway
2 days ago

Tube maintenance taken away from Amey in bid to save £80m

Transport for London to take work back in-house on Jubilee, Northern and Piccadilly lines
3 days ago

Henry Boot bullish about post Brexit market

Developer and contractor sees no wobble in future work pipelines
2 days ago

Family Mosaic picks 17 firms for £500m build plan

Ardmore, Bouygues, Galliford Try and Willmott Dixon among preferred list
2 days ago

Immigration officers raid Liverpool Baltic Village site

Contractor W.I.S.E United faces fine of £20,000 for each worker if correct checks not carried out
2 days ago

Plans lodged for £150m Manchester PRS scheme

Work will start in Spring 2018, if planning is granted
2 days ago

Brookfield submits plan for 37-storey London city tower

Building work could start in summer 2018 after six-month demolition phase
3 days ago

Chinese cladding contractor facing HSE asbestos probe

Yuanda UK under spotlight over imported products
3 days ago

Carillion profit soars to £84m from support services

Blacklisting compensation to cost Carillion £10.5m
3 days ago

Just one week left to vote for best in construction

More than 10,000 votes in already for Enquirer awards: Book your places now
3 days ago

Costain profits dented by further losses on waste PFI

£11.4m hit on completing Manchester waste PFI plunges natural resources division into loss again
3 days ago

Robertson starts work on £333m Aberdeen conference centre

Green light for development by Henry Boot and Aberdeen City Council
3 days ago

Interserve wins £17m York University project

Piazza learning centre will be built on University's east campus
3 days ago

Revenue swoops on tax dodging tradesmen

Operation Dobbin catches 17 fraudsters to help level playing field for honest workers
3 days ago

Lendlease wins £200m contract to build Versace tower

50-storey luxury scheme designed in partnership with famous fashion house
4 days ago

BAM Construct nearly doubles profit to £13m

Mainstream building contracting business margin edges up to 0.6%
4 days ago

Balfour wins £42m London Nine Elms student tower

33-floor student tower kick-starts wider Vauxhall Square scheme
4 days ago

United Living looking for new subbies and suppliers

Meet the Buyer event in Northampton next week: Register now
4 days ago

Contractor services