Redrow to start two major London build to rent schemes

Aaron Morby 2 months ago
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Housebuilder Redrow has teamed up with property investor Realstar to deliver two major build to rent schemes worth over £180m in London.

Colindale deal with Realstar is Redrow's fourth PRS scheme

Now Redrow will press ahead with plans for 513 new rental homes in Southall and Colindale which will be professionally managed under the UNCLE brand.

They are the house builder’s third and fourth PRS schemes, as it aims to diversify its offering into private rental homes.

The £119m deal at Redrow’s flagship Colindale site in North London will see construction of 347 new flats.

The announcement follows the £82.7m deal Redrow announced with M&G Real Estate last year which brought a further 186 new rental homes to Colindale Gardens as well as 211 homes sold to L&Q in 2016.

Located in the Burnt Oak and Colindale Opportunity area, Colindale Gardens is a £1.2bn new community, which is being created by Redrow on the site of the former Peel Centre Metropolitan Police training college.

More than 2,900 new homes will be delivered over the next ten years.

At Southall in West London, Redrow will also deliver 166 one, two- and three-bedroom apartments in a £64m deal with Realstar.

The site sits adjacent to Redrow’s existing scheme The West Works, where the housebuilder is currently delivering 302 new homes as part of a mixed-use scheme.

Mark Parker, Managing Director of Redrow London, said: “Both Colindale and Southall are quickly defining themselves as new property hotspots as they undergo significant inward investment.”

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