Residential People has learned that construction has begun on a large, multi-home regeneration project in East London.
Specialist housebuilder Inland Homes has started work on transforming a former Homebase site in Walthamstow, on behalf of its partners London BTR Investments (LBTR) – the build-to-rent joint venture between EQT Exeter and Sigma Capital Group Limited and Newlon Housing Trust (Newlon).
Named ‘Patchworks’, the site will host 583-homes following planning consent for the development being granted in April of this year. Following the planning consent, Inland Homes sold the site to LBTR and housing association Newlon.
Inland Homes have a proven strategy and business model of securing land and planning permission before selling and building on behalf of third parties. In the case of Patchworks, Inland Homes also secured build contracts to construct the homes on behalf of both parties.
This major regeneration scheme will deliver 355 private rented apartments under Sigma’s Simple Life London brand for LBTR and 228 affordable homes for Newlon.
Commenting on the project, Angela Wint, Senior Project Manager at Newlon Housing Trust, said: “Newlon are delighted to be working in partnership with Inland homes on this exciting new development, which will provide a further 228 much needed new affordable homes in Waltham Forest.”
In addition to the new homes, there are also plans to deliver a new commercial and community space, gardens, play areas, a cycle hub and pedestrian routes. The project is currently expected to be completed in 2025.
Following the demolition of the former Homebase store, construction has now begun on site. Inland Homes Group Managing Director Gary Skinner and Sigma Investment and Acquisitions Director Jack Barnet met on site last week ahead of groundworks starting on the first build to rent block.
Gary said: “We are delighted that construction has begun at Patchworks in Walthamstow, with Inland working in close partnership with Sigma and Newlon to transform this brownfield site into a vibrant new community and deliver 583 additional new homes to the area,” said Gary.
“Both partners share our vision of high-quality regeneration and I am excited to see the scheme progress and deliver benefit for the whole community.”
Meanwhile, Jack added: “Patchworks is set to become one of LBTR’s flagship build-to-rent schemes, offering high quality rental homes under the Simple Life London brand. Having a reliable partner like Inland delivering it gives us assurance and it is exciting to see construction get started.”
Inland currently has a total of 1,257 homes under construction on behalf of partners. However, the deal with LBTR at Patchworks is Inland’s largest partnership housing contract secured to date, valued at almost £90 million.
Featured Image: (l-r) Gary Skinner, Inland Homes and Jack Barnet, Sigma