Greystar, Henderson Park Plan World’s Tallest Modular Towers in London
- Feb 05, 2018
Greystar Real Estate Partners and European real estate investment platform Henderson Park are planning the world’s tallest modular apartment towers. The joint venture will begin construction of the 550-unit development in 2019 at 101 George Street in Croydon, a popular neighborhood of London, England. The 44-story and 38-story towers will be built using modular construction.
Located directly opposite East Croydon train station, the towers will put residents close to a station that averages 600 London-bound trains on a typical weekday, the fastest taking just 16 minutes. Croydon, featuring a sprawling shopping district and night-time economy, is among the largest commercial enclaves outside central London.
The borough of Croydon has recently posted an annual growth rate of 9.3 percent. It is being termed the “Silicon Valley of South London” as a result of the many tech companies and start-up enterprises operating in the area.
It will soon be home as well to a new Westfield and Hammerson shopping center featuring more than 1.5 million square feet of retail and leisure space.
Residents at 101 George Street will experience shared amenities that include roof gardens atop each tower, podium-level sun lounge, panoramic viewing galleries, fully equipped gyms, resident lounge and private dining and event rooms. At ground level, the development will offer a “woodland winter garden” that will provide green space along George Street.
This is a strategically important transaction for Greystar, said Mark Allnutt, Greystar managing director, UK. “[It] helps us move closer to our target of delivering 10,000 multifamily units in London by 2022,” he added. “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 Nick Weber, founding partner of Henderson Park, 101 George Street provides the company with “further critical mass” in London’s residential PRS market. “Croydon has a long history as a strong business, retail, leisure and residential destination and the town is currently enjoying a real renaissance driven by 5.25 billion pounds of inward investment and infrastructure works,” he reported.
Expedited construction strategy
“This program of investment will further increase demand for homes and 101 George Street, with its fast modular building methods, will provide much needed supply across all levels of affordability. We are also very pleased to be working with Greystar again, and combining our team’s experience with one of the world’s leaders in rented housing.”