LONDON (Alliance News) - London-focused residential property company Telford Homes PLC on Thursday said it has agreed a joint venture with Notting Hill Housing Group, the housing association.
The 50:50 joint venture between the two is exchanging contracts to buy a site in Stratford in east London from Continental Railways for GBP44 million in cash.
The 5.5 acre site in Stratford has been granted outline planning consent and the pair will now enter an application to build more than 400 new homes on the site.
"The joint venture with Notting Hill Housing Group provides Telford Homes with another fantastic opportunity in Stratford, a location where we have experienced tremendous sales success in recent months," said Telford Chief Executive John Di-Stefano.
Telford Homes shares were up 0.7% to 362.00 pence on Thursday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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