UK-based residential and urban regeneration specialist Sigma Capital has acquired its first London site within Barking Riverside in east London, for private rented sector (PRS) residential development.
Barking Riverside (BRL) is a joint venture company between the Greater London Authority and Bellway Homes plc. BRL and Sigma will enter into a conditional contract by 31 May.
Mayor of London Boris Johnson said that the move is a great boost for Barking Riverside, as it is London’s newest suburb and one of the largest regeneration sites in Europe.
"This dynamic site continues to win design awards and has capacity for almost 11,000 homes," Johnson said.
With an exclusivity period running until 31 March 2015, the deal allows Sigma and its funding partners to develop four new apartment blocks comprising 318 new homes within the Barking Riverside development.
Construction on the £50m development is set to begin later this year, with a construction delivery timeframe of approximately 24 months.
Sigma chief executive Graham Barnet said: "We have been working with BRL for some time and are delighted to have reached this agreement for the creation of the first privately rented housing development on the Barking Riverside development."
Barking Riverside is a 443 acre development alongside 2km of the Thames river front. The project has planning authorisation for the construction of 10,800 new mixed tenure homes, with a majority of larger homes for families.
Upon the completion, the development will feature new schools, healthcare, shopping, community and leisure facilities, all with the public transport connectivity.