LONDON (Alliance News) - Telford Homes PLC on Thursday said it has conditionally exchanged contracts to acquire a site with planning consent for a 22 storey development of 206 homes and a nursery on Carmen Street in Poplar, east London, for more than GBP20.0 million.
The site has public transport links to the Canary Wharf financial district, and Telford Homes expects those connections in Poplar to improve thanks to Crossrail, a new east-west railway across London, at Canary Wharf.
Telford Homes expects to commence work on the site in 2016 with completions anticipated in 2019 and 2020, and anticipates the development will add in excess of GBP80.0 million of revenue to its pipeline.
"We are constantly reviewing potential sites and having access to this capital has allowed us to move quickly to secure the Carmen Street site which has the unexpected advantage of an existing planning consent. Poplar is an area we know well, where there is strong and proven demand for our homes, and we look forward to commencing this exciting development in 2016," Chief Executive Jon Di-Stefano said in a statement.
Shares in Telford Homes were down 0.7% at 367.65 pence on Thursday morning.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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