- Telford Homes has signed a pre-construction development agreement with Greystar, a global real estate company, to deliver 894 build to rent homes, together with extensive facilities, close to the River Thames at Nine Elms, Battersea.

Greystar have exchanged contracts to acquire two plots of land from Royal Mail. The pre-construction development agreement meant Telford Homes would assist Greystar in pursuing a detailed planning consent for the site.

The development would be within walking distance of two new underground stations on the extended Northern Line and close to the new US Embassy.

Once planning consent had been secured the pre-construction development agreement would lead to Telford Homes entering a full design and build contract with Greystar to deliver the development for a fixed price.

This represented an exciting opportunity for the group to significantly expand its existing build to rent portfolio and commenced a partnership with a major worldwide investor in rental housing.

"The terms of the contract include regular payments during the course of construction and profit paid on practical completion such that the Group will invest limited equity and no debt," said Telford.

"Telford Homes is not taking any sales or rental risk but the margin earned will account for full construction risk and therefore is in line with the Group's target margin for build to rent developments," it said.

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