Scottish listed regeneration specialist Sigma Capital has made its first move into London’s private rented sector, buying an east London site for residential development.
The deal gives Sigma the option to buy a site at Barking Riverside, and build four apartment blocks containing 318 flats for rent, in a deal estimated to be worth more than £50 million. The project is expected to be family-oriented, with a high proportion of three bedroom flats. Sigma’s agreement is with Barking Riverside, which is a joint venture vehicle owned by the Greater London Authority and housebuilder Bellway Homes. Construction is not likely to start for another year, and will then take two years to complete.
Sigma has said it is looking for other sites in London and the south east, on which to build homes for the private rented sector. Read more here