Telford Homes to buy Stratford site for £20m

11th Feb 2019 11:04

(Sharecast News) - London-focused residential property developer Telford Homes has exchanged contracts for the conditional purchase of a site on International Way in Stratford, London, for £20m in cash subject to planning consent.The land has been acquired from LCR, the Department for Transport and HS1 Ltd following a competitive process. It will be Telford's third land acquisition from LCR.The 1.14 acre site is expected to deliver around 380 homes with subsidised affordable housing due to make up 50% of the development.The cash consideration will be payable upon completion of the purchase, which will take place after Telford has secured vacant possession and achieved satisfactory planning consent. The gross development value is expected to be in excess of £160m.Chief executive officer Jon Di-Stefano said: "I am delighted that Telford Homes has exchanged contracts on another acquisition involving LCR and HS1 Limited. 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."At 1100 GMT, the shares were up 1.5% to 338.50p.