Telford Homes announced that it has exchanged contracts for the purchase of part of Greystar’s significant development site in Oldfield Lane North, Greenford, for a total consideration of £28.4m.
This development site has planning consent for 1,965 homes along with retail space, restaurants and cafes, leisure facilities, flexible work space and a two-form entry primary school.
Telford Homes has acquired part of the site to deliver 194 homes for individual open market sale at an average selling price of about £500,000 and 84 affordable homes for shared ownership. They intend to commence work on site by mid-2019 with completion anticipated in 2022.
Jon Di-Stefano, TEF’s Chief Executive, commented: “We have an excellent relationship with Greystar which has allowed them to place their trust in Telford Homes to deliver an important part of this flagship scheme and we will continue to work closely together as the development progresses.”