Rental housing group Greystar Real Estate Partners has acquired the London Olympics site for £20 Million ($25 million) for a built-to-rent project.
Built-to-rent, also known as build-to-rent or BTR, refers to purpose-built residential properties that are specifically designed and constructed for rental purposes rather than for individual sale.
The Stratford Mill site in east London is an acquisition from UK-based real estate group Lifestory — marking Greystar’s latest step in their prosperous expansion plan within the UK. Situated in the central area of the Pudding Mill masterplan, the Stratford Mill site, already granted planning consent, will bring forth 245 new residential units. The construction is scheduled to commence in the second quarter of 2024, and the project is expected to be completed by 2026.
The market for built-to-rent housing in the UK has been growing steadily in recent years. The first quarter of 2023 saw £820 million ($1 billion) transacted in the UK for build-to-rent projects. Meanwhile, single family housing broke records netting an investment of £500 million ($635 million).
The government has also supported the growth of the built-to-rent market by introducing various policies and initiatives, including planning reforms and tax incentives, to encourage the development of more rental properties.
This expansion comes months after Greystar’s partnership with Airbnb listing over 100 buildings on the Airbnb platform with plans to add more in the future.