The site benefits from existing residential-led planning permission, which the partnership anticipates enhancing to deliver in excess of 1,000 new homes, being a combination of Build to Rent and affordable housing, alongside commercial space and a new purpose-built Sainsbury’s Local store.
Ambitious regeneration plans are underway across Ilford, helping to create a thriving community in this East London commuter hub. The growth of the area is being supported by the planned opening of Crossrail in 2022.
The site is located within a three-minute walk of Ilford Station, providing direct links to 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, the team behind the scheme says.
Jerome Geoghegan, group land & planning director at Telford Homes, comments: “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.”
Sainsbury’s property director Patrick Dunne adds: “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.”
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 will be shared with the local community as soon as possible.
Round Hill Capital and SFO to bring ‘SFR’ scheme to Dublin
Round Hill Capital and SFO Capital Partners have acquired a new suburban family home development in Dublin, Ireland.
Upon completion, the scheme will provide 112 new, high-quality Single-Family homes for Rent (SFR). The transaction is the first for the newly formed joint venture, established in March.
Situated in Dublin 15, Bay Meadows will provide a mix of two to four-bedroom homes that have been specifically designed for the needs of contemporary living.
Construction is already underway, and the development will be handed over in six phases, with the first completing this month, and the final phase in early 2022. A show home is now open for viewings on the site, with the 112 homes already available for reservation.
Round Hill says the transaction is further evidence of the strong appeal of the Irish Build to Rent sector for institutional capital, attracted by its resilient, long-term yields, and says it is reflective of the wider growth of the private rented sector (PRS) investment market in Ireland over the past three years.
The venture plans to build on this first deal over the coming years to expand its housing strategy across Ireland.
Designed by Reddy Architecture, residents at Bay Meadows will benefit from spacious homes designed for the needs of families, including quality fitted kitchens, guest WC, en-suite bathrooms and built-in wardrobes in all homes.
The houses are close to primary and secondary schools as well as to the Northwest/Ballycoolin Business Park; home to major international employers such as eBay, IBM, Paypal and Xerox. They are also within easy reach of Blanchardstown shopping centre, Phoenix Park, the M50 motorway, Dublin city centre as well as the airport.
Commenting on the acquisition, which marks Round Hill’s third BTR accommodation deal in Ireland since 2018, John Vaudin, managing director at Round Hill Capital (Ireland), says: “Bay Meadows will provide much needed, well-located homes into the rental market and will contribute to addressing the supply/demand imbalance that continues to prevail in the Irish residential market.”
“Skilled employees are attracted to Dublin 15 and this development presents a significant first-mover opportunity to enter the growing SFR market.”
“We have a strong pipeline in place to meet demand from institutional investors, and a trusted partner with a strong track record in successfully investing in, developing and operating residential assets.”
Mohamad Abouchalbak, chief executive officer at SFO Capital Partners, adds: “Bay Meadows is a unique housing community in Dublin offering high specification units that are in line with post-Covid-19 demands for spacious yet well-connected homes.”
“In that sense, the venture will continue to invest in the Irish residential market to bridge the critical housing need and cater for the influx of high-skilled workers in Dublin.”
“We look forward to growing our footprint in Ireland and to further expand our residential investment strategy across Europe. This transaction demonstrates our ability to source, secure and manage high quality assets in dynamic markets,” he concludes.
This post has originally been featured in Property Investor Today.