The latest ‘landmark’ Build to Rent (BTR) development in London is set to be delivered after Telford Homes and Realstar announced the completion of a £91 million forward-funding arrangement to create a UNCLE rental housing development at the Perfume Factory site in North Acton.
Through its BTR joint venture with QuadReal, Realstar will forward fund the entirety of the 238-unit project.
UNCLE Acton, as the project will be known, will be designed with the intention of offering future residents ‘exceptional lifestyle facilities’ and is also set to benefit from a range of features to make sure the building can be operated as efficiently and sustainably as possible. This includes air source heat pumps to deliver low carbon heating and hot water.
The deal will represent Telford Homes’ eighth bespoke BTR forward-funding agreement, and it will also bring UNCLE’s mission-oriented rental housing ‘chain’, designed to offer ‘renting as it should be’, to ten locations across the UK, including London (where it has eight developments), as well as Leeds and Manchester.
In addition to the new UNCLE element, the scheme is also set to include 138 affordable homes as well as improvements to the public realm. This, the partners say, will deliver a sustainable new community in London which residents ‘will enjoy for years to come’.
Located in the heart of North Acton, a student-heavy area with a slightly odd mix of housing, offices and shops, as well as a Central Line tube station, the UNCLE Acton site is set to benefit from the significant infrastructure-led transformation of the local area.
This is bringing thousands of new homes as well as public transport network improvements. What’s more, the site is less than a mile away from the Old Oak Common regeneration area, which has been prioritised by the Mayor of London as a housing and employment-led regeneration zone.
Construction work has already begun on-site and is set to be completed during 2024.
“We’re delighted to be working with Realstar on the Perfume Factory, which will offer a market-leading BTR offering in North Acton, through its UNCLE brand. Realstar is one of the most active and innovative investors in the UK’s BTR market, and we share their vision in developing high quality, sustainable rental communities that form a critical element in helping to solve London’s housing crisis,” Charlie Weatherill, capital markets director at Telford Homes, commented.
Ryan Prince, vice chairman of Realstar and founder of the UNCLE brand, added: “We are thrilled to be working with Telford Homes on the launch of UNCLE Acton which will see us add another first-class BTR development to our portfolio. This is a really exciting time for the area with Crossrail coming down the line and we are delighted to be able to play our part in delivering this fantastic new development right in the heart of Acton.
Our BTR developments are continuing to attract a surge of interest which is a sign that we are meeting the needs of the modern renter as the sector continues to rapidly evolve.”