The housebuilder purchased the space for £28.4m in order to build 270 homes in total
Telford Homes will be using their newly acquired land to develop a mixture of affordable housing and homes for private sale. The homes for private sale will be sold at an average price of around £500,000 and will comprise 194 of the units on the site, while the remaining 84 affordable homes will be for shared ownership. The Hertfordshire-based London housebuilder is aiming to start work on construction in mid-2019, with completion anticipated for 2022.
The homes Telford are developing will form a comparatively small but important piece of Greystar’s wider plans for Greenford. Their residential-led mixed use development is an impressive 20 acres and already has planning consent for a staggering 1,994 homes, 70 per cent of which will be build-to-rent. These homes will be joined by retail and leisure space, flexible workspaces and even a two-form entry primary school – welcome good news for both residents and locals!
Telford Homes’ purchase, along with the rest of Greystar’s Greenford development, sits on the banks of a stretch of the historic Grand Union Canal – one that cuts through the London Borough of Ealing. Once home to the sites of both GSK and Lyons Bakery, Greystar aims to not only give the long since abandoned land on Oldfield Lane North a much-needed facelift but also reintegrate it with the local community in northwest London.
Jon Di-Stefano, chief executive of Telford Homes, said that the firm has an excellent relationship with Greystar and looks forward to the two companies continuing to work closely together. Mark Alnutt, senior managing director of Greystar UK, commented that Telford Homes shares the company’s vision for a dynamic canal-side neighbourhood and is excited for the future of the vibrant community they are developing in west London.
The purchase was covered by a number of industry publications, including: