5th Nov 2018 11:12
LONDON (Alliance News) - Telford Homes PLC on Monday said it purchased a part of Greystar's development site in Oldfield Lane North, Greenford, west London for GBP28.4 million.
The London-focused residential property developer said the 20-acre mixed use site has planning consent for 1,965 homes along with retail space, restaurants and cafes, leisure facilities, flexible work space and a two-form entry primary school.
Telford Homes has acquired part of the site to deliver 194 homes for individual open market sale at an average selling price of GBP500,000 and 84 affordable homes for shared ownership.
The company intends to commence work on site in mid 2019 with completion anticipated in 2022.
"We are delighted to have exchanged contracts to acquire our first site in the London Borough of Ealing," said Telford Homes Chief Executive Jon Di-Stefano.
"We have an excellent relationship with Greystar which has allowed them to place their trust in Telford Homes to deliver an important part of this flagship scheme and we will continue to work closely together as the development progresses," Di-Stefano added.
Telford Homes shares were trading 1.1% higher on Monday at 329.59 pence each.
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