EcoWorld’s Barking BTR scheme fully let
EcoWorld London has let all 595 homes at its first build-to-rent scheme in Barking Wharf, at what the investor called a “market-leading” pace.
The homes were let by EcoWorld’s management platform, Apo Group, 14 months from handover of the first completed homes. John German, managing director of residential investments at Invesco, said the lettings put the jv 12 months ahead of the business plan.
The Barking Wharf site was previously the car park for the Abbey Retail Park. The developer finalised a £400m jv with Invesco Real Estate in 2018 to forward-fund the development, as well as another at Kew Bridge.
EcoWorld London has let all 595 homes at its first build-to-rent scheme in Barking Wharf, at what the investor called a “market-leading” pace.
The homes were let by EcoWorld’s management platform, Apo Group, 14 months from handover of the first completed homes. John German, managing director of residential investments at Invesco, said the lettings put the jv 12 months ahead of the business plan.
The Barking Wharf site was previously the car park for the Abbey Retail Park. The developer finalised a £400m jv with Invesco Real Estate in 2018 to forward-fund the development, as well as another at Kew Bridge.
The scheme includes a concierge, gym, and social and work lounges for residents. New shops, cafés and a museum for the borough are also set to open on site.
The developer is due to complete and hand over the final phase of its Kew Bridge BTR scheme, which comprises 487 flats, in July.
Heng Leong Cheong, chief executive of EcoWorld London, said: “Barking Wharf is hugely significant to the borough as well as to EcoWorld London, marking a key step in our ambition to become one of the UK’s leading BTR developers.”
Cheong added that he hoped the scheme will pave the way for “even better, more innovative BTR projects in the future”, and that the developer is “keen to work further with the community and council to deliver more long-term investment” in Barking.
Matthew Pullen, chief executive of Apo Group, said: “Eight years on from having identified what was an underutilised retail park as a great location for BTR, it’s great to see the completed scheme with its vibrant new community and more than 1,000 residents enjoying living there.
“The speed at which all the homes were let, despite the challenges and market changes due to Covid, to us, is proof that working closely with EcoWorld London from the outset has allowed us to create a premium product that renters need and want.”
To send feedback, e-mail akanksha.soni@eg.co.uk or tweet @EGPropertyNews
See which agents are doing the most deals in the London submarkets with our On-Demand Rankings >>
Photo © EcoWorld London
