Weston Homes announces its second major forward fund Build To Rent (BTR) agreement with Royal London Asset Management Property, securing a £36m deal for the Town Quay development, Barking.
Under the terms of the agreement, Royal London Asset Management Property will purchase 85 units across two buildings while also entering into a Development Agreement with Weston Homes to construct the project.
This agreement follows the previous £110.1m BTR agreement between the companies for all 349 units at the Bracknell Beeches development in Bracknell.
The Town Quay deal will deliver 85 BTR units across two buildings, set for practical completion in November 2026, comprised of one, two, and three-bedroom apartments, all featuring a fully inclusive specification.
Town Quay is a £50m mixed-use development which will provide 147 newly built one-, two- and three-bedroom apartments, with a 42% affordable housing allocation and 10,764 sq. ft. of commercial space, all designed around a public plaza overlooking the Mill Pond and River Roding.
On the ground floor of the buildings there are parking bays and cycle storage and planned food and beverage commercial units, workshops and artists’ studios.
All the apartments at Town Quay feature contemporary, open plan living areas, opening onto balconies or terraces, and are finished to the highest specification, with modern living in mind. Contemporary kitchens by Oakwood Kitchens have quartz stone worktops and splashbacks, integrated appliances and instant boiling and cold filtered water tap; the luxurious bathrooms feature Arctic white suites and walk-in Fascino smart showers or bathtubs. Every home is equipped with superfast full-fibre broadband.
Bob Weston, chairman of Weston Homes says: “We are delighted to continue working together with Royal London Asset Management Property at our Town Quay development. This second forward fund agreement further solidifies our relationship and demonstrates the confidence in our ability to deliver high-quality residential projects. We have now undertaken BTR deals worth a combined total of £146.1 million with Royal London Asset Management Property. We look forward to bringing this development to fruition and continuing to explore further opportunities.”
And Mark Evans, Head of Property at Royal London Asset Management adds: “This second venture with Weston Homes highlights our commitment to expanding our residential portfolio. Town Quay aligns with our goal of delivering sustainable, high-quality rental housing in prime locations, providing long-term value for our investors and future residents.”
Weston Homes says it is open to long-term partnerships across its portfolio, reinforcing its dedication to delivering quality housing and strengthening relationships with key institutional investors.
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