Watkin Jones forward sells Lewisham affordable BTR scheme to CBRE fund

Watkin Jones forward sells Lewisham affordable BTR scheme to CBRE fund

Watkin Jones has announced the forward sale of an affordable build-to-rent (BTR) scheme in Lewisham to CBRE UK Affordable Housing Fund (AHF), a fund managed by CBRE Investment Management.

The scheme, (Block 3) provides 43 affordable homes including 17 one-bed apartments, 22 two-bed apartments and 4 three-bed apartments. Of these, 27 will be affordable rental apartments and 16 social rental apartments and tenants will be moving in imminently.

The scheme, which forms part of a wider development Watkin Jones is delivering at Conington Road, offers further much needed affordable homes in the local area, amidst the continued shortages in the London rental market.

Located next to Lewisham railway station, the scheme provides residents easy access to a host of shops, restaurants and other facilities as well as to DLR and rail services for easy travel into central London, supporting sustainable travel efforts.

Blocks 1 & 2, which total 322 BTR units and are located adjacent to Block 3, were sold to Legal and General in October 2021 and will be completed in 2024.

Alex Pease, Chief Investment Officer of Watkin Jones, said: “We are delighted to partner with CBRE UK Affordable Housing Fund to offer sustainable affordable homes in Lewisham. Offering 43 households in a recently regenerated urban community with easy access to central London, this will be a thriving place to live. These affordable apartments will be part of a sustainable and flourishing community and will support the continued need for affordable housing across the capital.

“We have enjoyed working with CBRE UK Affordable Housing Fund and our thanks go to everyone involved in the project.”

Andrew Davey, Fund Manager for AHF at CBRE Investment Management, said: “This scheme is an excellent addition to our affordable housing portfolio aligning with the Fund’s social impact objectives. It is a highly affordable scheme with units rented between 35%-45% of open market rents and is located in an area where there is a high social need. With it being a high-quality new build, the environmental credentials of the build and energy efficiency of the units, were also key factors for this acquisition.

“This is the first time we have partnered with Watkin Jones and hope that there are future opportunities that we can work with them again.”