Telford Homes Plc has exchanged contracts for the conditional purchase of a site on International Way in Stratford for a total cash consideration of £20 million, 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 cash consideration will be payable upon completion of the purchase, which will take place after the Group has secured vacant possession and achieved a satisfactory planning consent. The gross development value is expected to be in excess of £160.0 million.
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.”
David Joy, Chief Executive of LCR, commented: “This agreement supports our long-term objective to work closely with public and private partners to enable the delivery of new homes and investment in Stratford. It will bring the site into productive use, complementing our neighbouring schemes in creating new communities in a rapidly growing part of East London.”
Wendy Spinks OBE, HS1 Ltd’s Commercial Director, added: “This deal is part of HS1’s rolling plan to work with the Department for Transport and LCR, to create value and housing development opportunities from HS1’s land.”