More tower blocks are set to pop-up in east London as property investors M&G Real Estate has signed a deal with Telford Homes to build new private rental homes in Bow.
The £69.3m development will comprise two five-storey buildings and one 22-storey tower near the Langdon Park DLR station. Telford Homes is the developer and contractor of the scheme, which is due to be finished by September 2019.
Occupiers of the 150 new homes on the site, known as Carmen Street, will be six minutes from Canary Wharf and 16 minutes from Bank.
Alex Greaves, head of residential investment at M&G Real Estate, said: “We are thrilled to be working with Telford Homes and playing our part in increasing the supply of high quality, sustainable rental communities to London’s housing market.
"With excellent access to transport, employment, and local amenities, this location and delivery partner is an excellent strategic fit. This deal adds scale and efficiency to our portfolio, brings additional homes to market and provides our investors with stable long-term income growth."
Jon Di-Stefano, chief executive of Telford Homes, said: "Forward-funded private rented sector transactions offer strong returns and we are very pleased to have swiftly secured our second sale in the sector just a few months after our first. We hope to extend our relationship with M&G as new opportunities arise and as Telford Homes continues to broaden its sales mix."