UK: Greystar has exchanged contracts with Lifestory to acquire Stratford Mill, a consented BTR site, for £20 million.
Located in the Pudding Mill masterplan, the Stratford Mill site will deliver 245 new homes. Construction is due to start in Q2 2024 with completion predicted for 2026.
The Pudding Mill masterplan forms part of the wider regeneration of the Queen Elizabeth Olympic Park. The two-acre Stratford Mill site is the second phase of a larger development, with the first phase competed by UK-based developer Lifestory.
This acquisition comes as the Lifestory Group shifts its to later living rental products.
Harry Downes, managing director – UK Investment at Greystar, said: “This strategic acquisition presents us with the opportunity to develop an attractive site in a fast-growing, and increasingly popular, pocket of London. The process was highly competitive and is further proof of Greystar’s well-recognised reputation for delivering purpose-designed and highly amenitised buildings at scale for multifamily, young professionals and student housing.”
“Given we have invested £11 billion in the UK and have a further £2 billion to invest with a current operational portfolio and pipeline of 11,000 BTR homes, we are well positioned to leverage the opportunities ahead in London – a key market in our global investment strategy,” he added.
Chris Powell, regional managing director at Lifestory, said: “The sale of the second phase of Stratford Mill, a beautiful riverside site with planning consent for 245 homes, concludes a six-year journey for Anthology in Stratford and reflects a change of direction for the Lifestory Group. More than ever the residential market is bearing the weight of homeowners who are keen to downsize and have flexibility in later-life but are faced with a lack of choice.”
“In line with this growing need and demand, we’ve decided to re-focus on delivering high-quality BTR later-living products, with this sale enabling us to prioritise land purchases that support our new operating model. The popularity of the first phase of Stratford Mill suggests this development will continue to be a success, providing high-quality and much-needed homes for young professionals and first-time buyers as we concentrate our efforts on the over-60s market.”
Greystar’s teams acted on the transaction and Savills London Development Land team acted for Lifestory.
