Telford Homes, the London-based residential property developer, has announced that it has exchanged contracts for the conditional purchase of a site on International Way, Stratford
The international way site has been purchased for a total cash consideration of £20m, subject to achieving a satisfactory planning consent. The land has been acquired from LCR, the Department for Transport and HS1 Ltd following a competitive process.
The purchase of this site, which is adjacent to Stratford International station and Westfield Stratford City, will be Telford Homes’ third land acquisition from LCR. The 1.14 acre international way site is expected to deliver approximately 380 homes with subsidised affordable housing anticipated to make up 50% of the development.
The cash consideration will be payable upon completion of the purchase, which will take place after the Telford Homes has secured vacant possession and achieved a satisfactory planning consent. The gross development value is expected to be in excess of £160m.
Jon Di-Stefano, Chief Executive Officer of Telford Homes said: “I am delighted that Telford Homes has exchanged contracts on another acquisition involving LCR and HS1 Limited.
“We have enjoyed considerable success in Stratford developing more than 1,750 homes in the area over the last twelve years. This site is really well located next to the International station and Westfield, and is an excellent addition to our development pipeline.”