A deal between rental housing specialist Greystar Real Estate Partners and Henderson Park has been struck with Tide Construction to create a new housing development in Croydon made up of modular homes.
Work on the new development in Croydon, south London, which will create 550 new residential apartments intended for the private rented sector (PRS), is expected to begin in 2019 after it was approved by London Mayor Sadiq Khan earlier this year. The two towers planned will be built off-site using modular construction, an increasingly popular, lower-cost way of building new homes in the UK – and they will be among the tallest modular towers in the world.
The towers, which will be 44 storeys and 38 storeys, will include amenities such as roof gardens, a sun lounge, gyms, a residents’ lounge, private dining facilities and an events room, while the ground floor is expected to include an art gallery and cafe.
Faster and cheaper to build
Mark Allnutt, Greystar’s UK managing director, said: “101 George Street is a strategically significant deal for Greystar and helps us move closer to our target of delivering 10,000 multifamily units in London by 2022.
“It also means that, when operational, we will have large-scale multifamily developments in four areas of London – Greenford in West London, Sailmakers in East London, Nine Elms in central London and now Croydon in south London.”
Modular homes and units are faster to build and often cheaper as they are made in off-site locations before being assembled on-site, meaning many can be sold and rented as ‘affordable homes’. For investors, the speed of building means they are available sooner to residents, bringing earlier monthly profits.
Christy Hayes, the chief executive officer of Tide Construction, added: “The towers of 101 George Street will stand tall as testimony to the potential of modular construction within the UK and beyond.”
