Hestia dials up affordable homes with £100m BT site buy

Federated Hermes’ build-to-rent platform, Hestia, has purchased a £100m scheme in Colindale, NW9, in partnership with London Square’s affordable arm, Square Roots. The 2.5-acre site, known as The Hyde Electrical Works, has consent for 244 homes, in the first phase of Telereal Trillium’s Colindale Telephone Exchange scheme. Telereal Trillium secured planning consent for 505 homes across the wider BT telephone exchange and switching centre site in January 2020. The developer brought phase one to market earlier this year, seeking bids in excess of £16.5m. The partners will develop the Carey Jones Chapman Tolcher-designed scheme as 100% affordable, with homes provided as London affordable rent and shared ownership. The acquisition follows Hestia’s purchase at Peel L&P’s Pomona Wharf this month, bringing the BTR portfolio to 1,597 homes. Will Gibby, director of fund management at the international business of Federated Hermes, said: “The Hyde is another exciting scheme for our growing Hestia residential platform and reflects our approach of delivering high-quality, affordable, mid-market homes while also making a meaningful contribution to communities and delivering sustainable, long-term returns.” London Square has recently expanded Square Roots, appointing a new leadership team, with Barbara Richardson as managing director and Simon Dudley as chairman. Adam Lawrence, chief executive of London Square, said: “Square Roots now has seven sites in Greater London, which will deliver more than 800 affordable homes, reflecting London Square’s commitment to investing in the capital over the next 10 years.” Savills advised Telereal Trillium. Hestia and London Square were advised by TT&G. LISTEN: Reimagining London: the affordable housing crisis   To send feedback, e-mail emma.rosser@eg.co.uk or tweet @EmmaARosser or @EGPropertyNews See which agents are doing the most deals in the London submarkets with our On-Demand Rankings >> Photo © Carey Jones Chapman Tolcher