Hong Kong investor IP Global has block purchased 121 flats in Deptford, which it will either rent to the market directly, or sell to buy-to-let investors. The flats were originally intended to form part of a rental portfolio held by developer Cathedral Group, which is undertaking the £48 million Deptford project.
The scheme is next to Deptford railway station, and in an eight storey block will deliver 121 private flats, eight affordable homes, three townhouses and refurbished railway arches for commercial use. The IP Global deal will ensure Cathedral can start on the project, as development finance is now forthcoming. In February, Cathedral bought out its original joint venture partner on the project, United House.
Cathedral, an established residential and mixed use developer, wants to establish its own long term private rented portfolio. According to Property Week magazine, the company is looking for up to £300 million from a funding partner, to get the portfolio moving.
This is the second project in Deptford, south east London, that IP Global has invested in. The company recently bought a block of 64 flats in a scheme at Hilton’s Wharf, Deptford Creek for £30 million. The company has also recently purchased eight City apartments in a block on Lovat Lane that cost it £6 million.