Telford Homes Plc (AIM: TEF), the London focused residential property developer, is pleased to announce that it has exchanged contracts for the conditional purchase of a site on International Way, Stratford, E20 for a total cash consideration of £20.0 million, subject to achieving a satisfactory planning consent. The land has been acquired from LCR, the Department for Transport and HS1 Ltd. following a competitive process.
The purchase of this prominent site, which is adjacent to Stratford International station and Westfield Stratford City, will be Telford Homes’ third land acquisition from LCR and typifies the Group’s approach to forming long term relationships with key landowners in London. The 1.14 acre site is expected to deliver approximately 380 homes with subsidised affordable housing anticipated to make up 50 per cent of the development.
The cash consideration will be payable upon completion of the purchase, which will take place after the Group has secured vacant possession and achieved a satisfactory planning consent. The gross development value is expected to be in excess of £160.0 million.
Jon Di-Stefano, Chief Executive Officer of Telford Homes, commented: “I am delighted that Telford Homes has exchanged contracts on another acquisition involving LCR and HS1 Limited. We have enjoyed considerable success in Stratford developing more than 1,750 homes in the area over the last twelve years. This site is really well located next to the International station and Westfield, and is an excellent addition to our development pipeline.”