Long Harbour closes in on £208m mall-to-BTR
Long Harbour is set to acquire a £208m build-to-rent scheme at Capital & Regional’s shopping centre redevelopment in Walthamstow, E17.
The acquisition of the 495-flat scheme at The Mall will mark Long Harbour’s third investment and second site after it raised £500m in equity to target BTR in London.
The investor has already backed 481 flats across two phases at Berkeley Square Developments’ Tottenham Hale scheme, with £226m in forward funding deals.
Long Harbour is set to acquire a £208m build-to-rent scheme at Capital & Regional’s shopping centre redevelopment in Walthamstow, E17.
The acquisition of the 495-flat scheme at The Mall will mark Long Harbour’s third investment and second site after it raised £500m in equity to target BTR in London.
The investor has already backed 481 flats across two phases at Berkeley Square Developments’ Tottenham Hale scheme, with £226m in forward funding deals.
Capital & Regional is redeveloping The Mall to extend the 250,000 sq ft existing shopping centre to 340,000 sq ft, with 538 flats across four buildings on top of the retail. It is the latest in a surge of large shopping centres that are incorporating build-to-rent to finance upgrades.
The shopping investor has highlighted opportunity across its portfolio as part of its strategy to reposition assets as community centres.
Capital & Regional received planning consent for residential development at The Mall in 2018. However, the duo have now shifted the original plans to build-to-rent, with designs from Assael, in a detailed planning application submitted at the end of last month.
It comprises two main buildings of 26 and 34 storeys with a podium and rooftop plant on top of the shopping centre. There will also be 43 flats for private sale in lower-rise buildings.
The rental portion comprises 413 market-rent homes valued at £184m and 82 discount-market-rent homes at £24.6m that are peppered through the buildings.
The development is ideal for BTR, given its scale, location and proximity to public transport links. It is opposite the London Underground Walthamstow station.
Long Harbour closed the Long Harbour Multi-Family fund last year to fuel a return to the London build-to-rent sector, after a period of focusing on the regions.
It is the third fund to be raised by the investor for BTR development and will target schemes of 200-400 homes over two years.
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