London developer Telford Homes has ramped up its investment in East London this morning after announcing plans for a £160m housing site in Stratford.
The housebuilder, which specialises in non-prime London property, has snapped up the 1.2 acre development for £20m as it looks to tap into recent regeneration following the arrival of Westfield shopping centre and a number of Crossrail stations.
The site is set to be Telford’s fifth and largest project in Stratford, and is aiming to deliver 380 units, of which half up to half will be subsidised affordable housing.
Boss Jon Di-Stefano said: "We have enjoyed considerable success in Stratford developing more than 1,750 homes in the area over the last twelve years. This site is really well located next to the International station and Westfield, and is an excellent addition to our development pipeline."
Shore Capital analysts said: "Stratford is a major centre of new residential development in London and has, in our view, retained a higher level of investor and occupier interest than other London local markets due to the superior transport and amenities. We also expect pricing to be towards the more affordable end for what has become a relatively expensive local market."
They added: "Telford’s share price has recovered well from the sector lows before Christmas (when it hit 270p) but the recovery has really only been in line with the wider sector movement and still leaves the shares, in our view, under-valued against the sector."
In November Telford Homes posted a 16.1 per cent rise in pre-tax profits over the year, as it defied Brexit woes on the back of a boost from Help-to-Buy and its increasing focus on the growing build-to-rent sector.