British property investor M&G Real Estate and developer Durkan have inked a £71.4M deal to fund and build private rental homes on Chapel Road, in Ilford, London.
The new development, named Britannia Music Site, will include the construction of two new buildings to have a total of 206 private rental homes in a mix of one-, two- and three-bedroom apartments.
The new homes will be built around a new public courtyard. Durkan will serve as the developer and contractor for the project.
Alex Greaves, M&G Real Estate head of residential investment, said: “We very much welcome this initial deal with Durkan and look forward to working with them on other schemes.
“Following our partnerships and deals with Crest Nicholson, Telford Homes and Mulbury, this deal demonstrates our commitment to providing renters in the UK with the highest quality of homes in well-managed, sustainable communities.”
Durkan executive chairman, Danny Durkan, said: “The Britannia Music Site project is exciting for a number of reasons. The way we develop new housing in the UK is changing and the provision of private rental homes by developers such as ourselves is now a central part of the housing mix.”
The homes are expected to be ready for occupation by April 2020.
* Data provided by Timetric's Construction Intelligence Center.