Greystar has acquired a build-to-rent BTR scheme from Lifestory at Stratford Mill for £20 million.

The site comprising 245 units is located adjacent to Pudding Mill Lane station and benefits from excellent transport links into central London

Construction on site is expected to commence in the second quarter of 2024, with completion anticipated for 2026.

The Stratford Mill site is located in the heart of the Pudding Mill masterplan which is part of the wider regeneration of the Queen Elizabeth Olympic Park. The site benefits from existing planning consent, with the 2-acre site representing the second phase of a larger development. The first phase was completed by developer Lifestory in 2021.

Since entering the UK market in 2013, Greystar has pursued a successful growth strategy and built a diversified, institutional-quality portfolio of rental housing across London. Its current larger developments in London include Greenford Quay UB6 and Nine Elms Park SW8. Completed sites include Coppermaker Square nearby and Ten Degrees in Croydon.

Harry Downes, Managing Director – UK Investment, Greystar commented: “This strategic acquisition presents us with the opportunity to develop an attractive site in a fast-growing, and increasingly popular, pocket of London. The process was highly competitive and is further proof of Greystar’s well-recognised reputation for delivering purpose-designed and highly amenitised buildings at scale for multifamily, young professionals and student housing. Given we have invested £11bn in the UK and have a further £2bn to invest with a current operational portfolio and pipeline of 11,000 build-to-rent homes, we are well positioned to leverage the opportunities ahead in London – a key market in our global investment strategy.”

Chris Powell, Regional Managing Director, Lifestory, added: “The sale of the second phase of Stratford Mill, a beautiful riverside site with planning consent for 245 homes, concludes a six-year journey for Anthology in Stratford and reflects a change of direction for the Lifestory Group. More than ever the residential market is bearing the weight of homeowners who are keen to downsize and have flexibility in later-life but are faced with a lack of choice.

“In line with this growing need and demand, we've decided to re-focus on delivering high-quality Build to Rent later-living products, with this sale enabling us to prioritise land purchases that support our new operating model. The popularity of the first phase of Stratford Mill suggests this development will continue to be a success, providing high-quality and much-needed homes for young professionals and first-time buyers as we concentrate our efforts on the over-60s market.”

Alex Soskin, Director in the London Development Land Team, Savills, commented: “Despite the headwinds the residential development land market is currently facing, this transaction is evidence that well-designed planning consents in established locations near to transport nodes remain in demand from active developers such as Greystar.”

Savills London Development Land team acted for Lifestory.

See all developments by Greystar.