Henderson Park

Henderson Park and Greystar to transform former Royal Mail depot into 894-bed BTR scheme

Henderson Park and Greystar Real Estate Partners have acquired a site at the former Royal Mail depot in Nine Elms, London, for £101m.

The companies intend to transform the site into an 894-home build-to-rent (BTR) scheme and will deliver 641,000 sq ft of residential space across two buildings.

The site will also include 25,000 sq ft of retail and community space.

The development will be fully funded with equity from both companies and a £385m six-year whole-loan facility from Cain International.

Henderson Park and Greystar have now made four JV investments and have a PRS portfolio in London of almost 2,000 apartments.

Planning permission was granted in March 2019 for the development and the JV has entered into a full design and build contract with Telford Homes PLC, which will begin construction this month.

The first homes are expected to be delivered in 2022 with full completion in 2024.

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