The site benefits from existing residential-led planning permission, which the partnership anticipates enhancing to deliver in more than 1,000 new homes
Telford Homes has exchanged contracts with Sainsbury’s to deliver a new housing scheme in Ilford. According to the developer, the acquisition of the 4.82-acre site underlines its continued belief in the strength of the Build to Rent (BTR) market in London.
The scale of the site offers the ‘opportunity for high-quality sustainable placemaking’, with the space and flexibility to deliver substantial amenities to meet the demands of future residents and the wider community.
The site benefits from existing residential-led planning permission, which the partnership anticipates enhancing to deliver in more than 1,000 new homes, being a combination of BTR 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, Geoghegan said.
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.
The articles are for information purposes only and Invest for Property shall not be held responsible for any errors, omissions or inaccuracies within it. Any rules or regulations mentioned within the website are those relevant at the time of publication and may not be the most up-to-date.
Invest for Property does not endorse any of the products or services that appear on it or are linked to it and are not liable for any action that you may take as a result of the content of this website, or losses or damage you may incur doing so.
There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.
Please remember that investments of any type may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.