The project has been funded by Pictet Alternative Advisors in joint venture with Pinnacle Investments
(Picture: Redrow)Two top London housing companies have struck a £50 million deal to develop 130 new homes in the shadow of City Airport.
One of the largest British building firms Redrow and one of London’s biggest housing associations Peabody will partner to deliver the build to rent homes, including a mix of studio, one, two and three-bedroom apartments at Pontoon Reach in London’s Royal Docks.
The project has been funded by Pictet Alternative Advisors in joint venture with Pinnacle Investments and the apartments are anticipated to be available from summer 2022 and form part of the wider regeneration of the Royal Docks area.
Paul Muldowney, managing director at Redrow London, said that the build to let partnership signified Redrow’s commitment to create diverse and sustainable communities in the Capital.
“The Royal Docks is one of the most rapidly changing areas. The former industrial heartland has received substantial investment since it was established as an Enterprise Zone in 2013, with overall investment in the area set to reach more than £8 billion by 2037, including £600 million of TfL investment in the DLR network,” he said.
Pontoon Reach will provide 42 affordable rent and 53 shared ownership homes managed by Peabody, one of London’s oldest and largest housing associations, with around 55,000 properties under management across the Capital and the South East.
James McMylor, regional development director at Peabody, added: “This deal will create more opportunities for those wanting to rent a home at Pontoon Reach. The scheme will be a great addition to this exciting regeneration area, and we’re here for the long term, with affordable homes to rent and buy, and great open spaces for all to enjoy.”
Earlier this month, Redrow posted record half-year revenues of just more than £1 billion, boosting profits by 16.6% to £203 million.
On announcing the results, and as the builder increased its interim dividend by 4p to 10p, Redrow boss Matthew Pratt indicated that the company had capitalised on strong demand, improved sales margins and continued to invest for growth.
Royal Docks is London’s only Enterprise Zone and one of only 48 in the country.
