Long Harbour JV invests £260m in Walthamstow BTR development
A joint undertaking amongst Extensive Harbour, PSP Investments and Cadillac Fairview is investing £260 million to supply a establish-to-rent(BTR) project in Walthamstow, London.
Located on Selbourne Road in the heart of Walthamstow, the development will consist of 495 one and two-bedroom apartments within two landmark towers of 34 and 27 storeys.
The project is adjacent to 17&Central Shopping Centre in Walthamstow, which is owned by Capital & Regional Plc, the UK convenience and community focused shopping centre REIT.
Long Harbour recently acquired the site from Capital & Regional having exchanged contracts in December 2020 and has appointed Tide Construction Ltd to deliver the scheme.
The project aligns with the partnership’s ESG targets including use of low-carbon building materials and measurement of carbon footprints during the construction period. The building has been designed with an increased focus on customer wellness and will form part of the joint venture’s GRESB submission once operational.
Capital & Regional also has planning consent to extend 17&Central as part of its ongoing strategy to provide shops, restaurants, leisure and other necessity focused services that are tailored to the needs of the local community. These plans also include a new entrance to Walthamstow Central Station in the future, public realm improvements and improved landscaping, with new trees planted along Selbourne Road, alongside improved pedestrian and cycle routes. The development will also create up to 99 affordable rental homes and over 800 cycle storage spaces for residents.
Volumetric modular developer Tide Construction will deliver the scheme using its Vision modular system, which allows both companies to fulfil the programme faster, safer and more sustainably than using traditional methods of construction. As with Tide’s other developments, the carbon emissions of the construction process could be cut down by up to 45% with its innovative technology, as verified by independent academic research.
Work on site will commence imminently and is expected to complete by Q3 2025. 17&Central, Walthamstow will continue to operate throughout the works.
Long Harbour’s development at 17&Central, Walthamstow is the latest to be delivered through Long Harbour Multi-Family Fund 2 (LHMF 2), the firm’s £1.5 billion Build To Rent (BTR) fund, which targets high quality BTR schemes of over 150 units in London, the South East and selected regional cities.
Other Long Harbour assets include 476 homes across two phases at Tottenham Hale. The first phase, The Gessner, opened 6 months ahead of schedule in July 2021 and is fully let to residents. Long Harbour is in active discussions on a number of other assets.
James Aumonier, Chief Operating Officer and Group Head of BTR at Long Harbour, said: “This is an exciting moment for LHMF as work begins to deliver our latest development at Walthamstow, which will not only offer a totally unique experience for residents in a highly popular location, but also contribute to the transformation of the town centre. Residents will benefit from direct access to Walthamstow Central Station, providing fast connections to Central London via the Victoria line, while new homes and retail will complement each other to create a vibrant new town centre with significantly improved public realm. This is an excellent example of how build to rent development can enhance footfall and diversify uses in town centres.”
Christy Hayes, CEO at Tide Construction, said: “We are partnering with Long Harbour on this substantial development to deliver high-quality homes efficiently and sustainably. Using the innovative technology of Vision Modular systems will enable us to reduce the carbon emmisions associated with the construction process and minimise construction logistics, supporting our partnership’s strong environmental, social and governance credentials.
The flexibility of our volumetric system also allows Tide and Vision to fulfil the design brief within this town centre build to rent scheme which further highlights our company’s strong track record of revolutionising the way in which housing is delivered in the UK, demonstrating the potential of modular as a mainstream method of construction.”