Pair sell build-to-rent element of Gallions Quarter regen scheme to London BTR Investments

Housebuilder Telford Homes and housing association Notting Hill Genesis have secured £66m for the forward sale of built-to-rent properties on an east regen scheme to a joint venture. 

Gallions Phase 2B daytime

How the built-to-rent homes in the Gallions Quarter Phase 2B scheme will look

The 132 market rent homes have been sold to London BTR Investments Limited, a joint venture between real estate investment manager EQT Exeter and provider of BTR homes Sigma Capital Group. Sigma’s Simple Life London brand will manage the properties. 

Notting Hill Genesis will continue to own and manage the 51% (135 homes) in the Royal Docks Gallions Quarter Phase 2B scheme that will be for affordable rent and shared ownership. 

The properties, which were given permission in 2020, will be delivered in two buildings and are expected to be ready for people to move into from the first quarter of next year. 

Gallions Quarter Phase 2B will include a concierge and landscaped courtyards and 40% will be family-sized homes. 

Notting Hill Genesis plans to build 1,856 homes at Gallions quarter, 42% (784) of which will be affordable, as part of the multi-billion pound Royal Docks regeneration scheme. The Greater London Authority is supporting the building of the affordable homes, through funding and its land-holdings. The development is expected to achieve an EPC B rating.

This will be the twelfth BTR transaction for Telford Homes, which announced it was having to cut jobs towards the end of last year. The housebuilder has already delivered more than 1,000 BTR homes across London and has a further 4,650 in the pipeline. 

Charlie Weatherill, capital markets director at Telford Homes, said: “The closing of this transaction during a period of such macro-economic uncertainty underpins our strong conviction in the performance and resilience of the UK’s BTR sector - which continues to witness exceptional occupier demand - whilst new supply is increasingly constrained by continued economic uncertainty and ever more regulatory burdens.” 

John Hughes, group director of development and deputy chief executive of Notting Hill Genesis, said: “Royal Albert Wharf is a triumph of partnership working and we are delighted to welcome Sigma and EQT Exeter to the future success of Royal Albert Wharf.”

Telford Homes last month signed the government’s cladding contract.

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