TLT has advised long-standing client Peabody on a £25m acquisition of over 100 affordable homes at a new mixed-use development in Greater London.
The deal saw Peabody acquire 110 affordable homes at the Beckton Parkside development, from developer Bellway London. Previously a largely derelict industrial park, the site is being transformed into a high-quality mixed-use development, with landscaped open space, children's play area and office space.
TLT advised Peabody on all aspects of the acquisition, from undertaking the due diligence to negotiating the land and build contracts. The team was led by partner and head of housing and regeneration Linda Convery, with support from partner Shazia Bashir. Other members of the team included legal director Mark Braude and construction partner Simon Goss.
Wahidur Rahman, Development Manager at Peabody, says: "Our aim is to provide more genuinely affordable housing in London, through partnerships, our own cross-subsidy and our long-term investment approach. Beckton Parkside offers top quality affordable homes in a great location, especially for people commuting to central London, and we're pleased to be able to provide these to the community.
Ian Gorst, Regional Chairman for Bellway London and South East, adds: “Beckton Parkside is making an important contribution to the regeneration of this part of Newham, bringing a brownfield site back into use.
“In addition to creating high-quality homes which will be within reach of Londoners, we are committed to investing in the local area. This includes creating a new entrance to Beckton Park and contributing to improvements and maintenance there.
“The provision of affordable homes is a key component in Beckton Parkside’s legacy. Our partnership with Peabody will ensure that these homes are delivered and managed effectively.”
Linda Convery, partner and head of housing and regeneration at TLT says: "The UK continues to face a housing shortage, which is particularly acute in the affordable and social housing space. We are delighted to be supporting Peabody as it expands its housing portfolio, offering more affordable homes to the local community."