Long Harbour, PSP Investments and Cadillac Fairview have agreed to forward purchase build to rent (BTR) development in Tower Hamlets, London for £110 million.
The BTR element of Leaside Lock offers a modern collection of Studio, one, two and three-bedroom apartments in Zone 2’s Bromley-by-Bow, E3.
The development is just a short walk from the River Lea, surrounded by independent shops and bars and near to popular attractions such as Westfield and well-known creative hubs such as Hackney Wick and Here East.
The scheme will launch in the first half of 2023.
This acquisition forms part of The Long Harbour Multi-Family Joint Venture 2 (“LHMF 2”), the firm’s £1.5 billion BTR fund, which targets high quality BTR schemes of over 150 units in London, the South East and selected regional cities. All LHMF properties are overseen in-house by Way of Life, an award-winning management platform which will have a strong focus on delivering LHMF 2’s ESG agenda and GRESB targets. Once operational, Way of Life will launch its “Community Life” programme for residents and the wider local community.
The BTR apartments forms part of the wider Leaside Lock masterplan, which aims to deliver 965 new homes in Tower Hamlets.
The scheme is being delivered by The Guinness Partnership, one of the largest providers of affordable housing and care in England, alongside development manager Danescroft. In addition, this phase of the masterplan will deliver 13,000 sq ft of residential amenity alongside a further 20,000 sq ft of retail space, collectively creating a cohesive community
Leaside Lock is s a key part of the ongoing regeneration of the Olympic Park area, led by the London Legacy Development Corporation (LLDC), which benefits from excellent transport links, with the whole of central London within easy reach, including commercial hubs like Stratford and Canary Wharf. It also forms part of Tower Hamlets Council’s Leaside Area Action Plan which outlines plans for growth and regeneration within this strategic part of London.
Knight Frank advised Long Harbour and CBRE advised Guinness.
James Aumonier, Chief Operating Officer and Group Head of BTR at Long Harbour, said: “This latest acquisition demonstrates clear momentum for Long Harbour as we deliver on our LHMF investment strategy in collaboration with our management platform, Way of Life. This further progresses our ambitious £1.5bn BTR platform alongside our JV partners Cadillac Fairview and PSP Investments.
The quality of the Way of Life offer, from a design and consumer experience perspective, is a clear market differentiator, as recently acknowledged by leading cultural magazine Wallpaper, amongst others. Working alongside an exceptional international design team and our best in class delivery partners LLDC, Tower Hamlets Council, Danescroft and The Guinness Partnership, our aim is to build on the success of our latest opening, The Gessner in Tottenham Hale, to create something exceptional once again.”
Jon Milburn, Group Development Director at The Guinness Partnership said: “We are pleased to have exchanged contracts with Long Harbour for the delivery of 204 homes as well as commercial space, as part of our 965 homes development at Leaside Lock, Bromley-by-Bow. We look forward to working with Long Harbour to compliment the provision of open market, shared ownership and affordable rented homes as part of this exciting development.”