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M&G and Durkan sign £71m London PRS deal

Developer Durkan and investment firm M&G have secured a £71m deal to finance and build a new private rented scheme in east London.

The development, known as Britannia Music Site (pictured), will involve the construction of 206 homes – a mix of one, two and three-bedroom units across two buildings on Chapel Road, Ilford.

Ninety-three of the units will be classified as affordable homes and 55 will be for private sale.

The homes are expected to be ready for occupation by April 2020.

The development will be a few minutes’ walk from Ilford station, which is being refurbished as part of the Crossrail project.

The deal is M&G’s fourth investor-housebuilder deal. Last December it inked a £49m agreement with Telford Homes to build 125 private rented flats in west London.

Durkan is stepping up its presence in the PRS market. Among its previous schemes are the Vertex House in Croydon in partnership with Amicus Horizon.

Durkan executive chairman Danny Durkan said: “The way we develop new housing in the UK is changing and the provision of private rental homes by developers such as ourselves is now a central part of the housing mix.”

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