Goodstone Living will own and operate 360 homes on former Ford stamping plant site
A joint venture business owned by Hill Group and Peabody has struck a 拢116m deal with a build-to-rent operator to deliver 360 homes as part of a 3,500-home scheme.
Under the deal Goodstone Living will forward purchase the homes, which will be built on the former Ford stamping plant site in Dagenham, east London.
The homes will be built as part of the first, 935-home phase of Dagenham Green, delivered by the Hill Group and Peabody joint venture.
Peabody鈥檚 wider masterplan for the 45-acre Dagenham Green site includes 3,500 homes, an urban park, a lake, children鈥檚 play areas, community gardens, and other green spaces along with a new secondary school and a medical centre,.
A spokesperson for the firms said the deal 鈥渉ighlights Hill鈥檚 expanding footprint in this market and Peabody鈥檚 aspirations to do more BTR as part of its mixed tenure, mixed-use approach to sustainable place-making and regeneration鈥�.
The project is Goodstone Living鈥檚 third development on behalf of an investment vehicle backed by Macquarie Asset Management and the Northern Local Government Pension Scheme. The vehicle has around 1,300 build-to-rent homes under construction across Edinburgh, Birmingham and London
Andy Hill OBE, founder and group chief Executive of The Hill Group, commented: 鈥淲e are delighted to agree this significant Build to Rent deal in partnership with Goodstone, as we actively seek to grow our rental pipeline.鈥�
James McMylor, managing director, London North at Peabody, said: 鈥淲e鈥檙e pleased to see the first phase of our Dagenham Green masterplan coming to fruition, reflecting our approach to sustainable regeneration and inclusive growth.鈥�
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