All apartments sold at Ilford development - 12 months ahead of completion
PUBLISHED: 10:39 30 April 2019
All flats at an Ilford housing complex have been bought 12 months ahead of completion.
Construction and development company Durkan has sold 55 residential flats to Southern Housing Group at the Britania Music Site, Roden Street.
Under the terms of the £17.39million agreement, the apartments will be completed and transferred to Southern Housing Group in September of this year.
The units are earmarked for shared ownership or for use under the London Living Rent Tenure developed by the Greater London Authority (GLA).
Following the transaction, Southern Housing Group will own a total of 148 units at Britania Music Site having acquired 93 units in 2017.
The complex has a total Gross Development Value (GDV) of £105m and is a “pivotal development within Ilford's wider regeneration” according to Durkan.
It will see brownfield site transformed, delivering a total of 354 homes for the area, as well as 10,000 square foot of commercial space.
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In addition to the flats sold to Southern Housing Group, an additional 206 homes are being forward funded by M&G Real Estate and will be available for rent from spring 2020.
In total, just over 40per cent of the site will provide affordable rent or shared ownership.
Danny Durkan, executive chairman of Durkan, said: “Britannia Music Site is a fantastic new development for Ilford.
“All partners at the development have worked hard to deliver a scheme which is right for the area, we are thrilled the development is now sold out 12 months ahead of practical completion”.
Ian Carey, development director at Southern Housing Group added: “We are delighted to be working with Durkan on this exciting scheme.
“Southern Housing Group has an ambitious development programme and we are looking forward to making more affordable homes available for people in housing need in Ilford.”
The development is scheduled for completion in March 2020.
What do you think about the development and affordable rent/ shared ownership quota? email firstname.lastname@example.org