LONDON (Alliance News) - Residential property developer Telford Homes PLC on Monday said it has exchanged contracts on the sale of The Pavilions in north London for GBP66.8 million, marking its first significant development sale in the growing private rented sector.
Telford will sell the private rented sector development to a subsidiary of housing association L&Q. Construction on the development is underway and is expected to be completed by 2018.
"Telford Homes continues to benefit from an imbalance between demand and supply of homes in non-prime London and this transaction marks the start of a new aspect to the group's sales mix achieving de-risked forward sales with exceptional capital returns," said Chief Executive Jon Di-Stefano.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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