Greystar Real Estate Partners and Henderson Park have finalised contracts with Tide Construction to build two of the world’s tallest towers in Croydon, London.
The project has already received full planning permission for the 44-storey and 38-storey towers. They will be built using modular construction.
As part of the contracts between the parties, a 550-apartment residential development at 101 George Street in Croydon will be procured. The transaction is expected to close in the first quarter of 2018.
Greystar UK managing director Mark Allnutt said: “101 George Street is a strategically significant deal for Greystar and helps us move closer to our target of delivering 10,000 multifamily units in London by 2022.
“It also means that, when operational, we will have large-scale multifamily developments in four areas of London, Greenford in west London, Sailmakers in east London, Nine Elms in central London and now Croydon in south London.
“We’re thrilled that Henderson Park has decided to invest a second time with Greystar and we look forward to working closely over the coming months to deliver this exceptional project.”
According to Greystar, the use of modular construction can lead to 80% less waste, greater certainty on costs and time, and require fewer onsite workers.
The modules will be manufactured in a factory in Bedford and the units will be already equipped with prewired electricity, plumbing, furniture and windows.
Construction work on the project will take two years to complete.