Telford Homes Share News (TEF)

Property developer Telford Homes has announced it will team up with London housing association Notting Hill Housing to purchase a £44m site in Stratford from London and Continental Railways.The transaction will complete in 2015 and outline planning consent has already been granted.According to Telford Homes "a detailed application" to build 400 new homes on the 5.5 acre site will now be pursued.Anticipated revenue for the new site is thought to be in excess of £180m and the group's 50% share should add at least another £90m to the pipeline.Notting Hill Housing chief executive Kate Davies added: "This part of East London has already improved immensely over the last few years and is set to become an international destination for living, working, shopping and entertainment. We are thrilled to be playing a part in the regeneration."Chief executive at Telford Homes Jon Di-Stefano also said: "Reaching our £1bn development pipeline milestone [announced on 30 September 2014] was a significant achievement and building on this so swiftly demonstrates the group's considerable future growth prospects."