UK: Realstar and Lendlease have agreed forward funding for BTR units at Deptford Landings in south-east London.
Through its joint venture with QuadReal, Realstar will fund 251 purpose-built homes combined with extensive amenities and shared and private coworking spaces. Each apartment will have its own balcony, while the buildings will also be arranged around a landscaped courtyard, located on the doorstep of Deptford Park.
The transaction will expand Realstar’s UK residential portfolio to £1.5 billion and more than 3,500 units across 16 properties, 11 of which are operated under its UNCLE brand.
Lendlease has already delivered 203 units to date at the Deptford Landings site, formerly known as The Timberyard. Ultimately it intends to build more than 1,000 apartments, 400 rooms for students and 120,000 square feet of commercial space.
Colin Murphy, Lendlease project director for Deptford Landings, said: “We’re delighted that Realstar will launch their latest UNCLE development at Deptford Landings. They’ll add a much-needed BtR offering to the mix of new homes on offer in a neighbourhood that benefits from green spaces and excellent transport links. We’re looking forward to delivering a high-quality building containing vital new homes and welcoming them to Deptford.”
Following the transaction, Realstar will have five properties under construction which are scheduled to deliver 1,555 new apartments and more than one million square feet of residential space over the next three years in partnership with Redrow, Telford, HUB and now Lendlease.
Ryan Prince, vice chairman of Realstar and founder of UNCLE, said: “From day one our strategy has been to align ourselves with top-tier partners to help meet our aspiration to become the most well-regarded, well-known BTR brand in London. It goes without saying that Lendlease hits the bullseye. In terms of the location, I’ve always felt like the brand’s roots are in south-east London.”
