Telford Homes Plc has completed the purchase of United House Group Holdings Limited interest in Gallions Quarter.
Gallions Quarter is a multi-phase development adjacent to Gallions Reach DLR station near Royal Albert Dock. The development is controlled by Notting Hill Housing Group ("NHHG") and Telford Homes is acquiring a 50 per cent interest in two of the phases to be developed in partnership with NHHG. NHHG and Telford Homes have already established a strong partnership on many other developments including a joint venture at Chobham Farm, Stratford. The first of these phases has a detailed planning consent for 292 new homes, which are due for completion in 2020. The second phase, which will commence after phase one has completed, has outline consent for a further 254 new homes. The area around the Royal Docks is experiencing significant regeneration and substantial commercial investment following the construction of a new Crossrail station at Custom House, which is due to open in 2018.
Jon Di-Stefano, Chief Executive of Telford Homes, commented: “The Board is very pleased with the progress made since September 2015 across all of the sites acquired from UHGH and we look forward to their successful development over the next few years.”