A joint venture between The Hill Group and Peabody has partnered with Goodstone Living to deliver 360 build-to-rent (BTR) homes at Dagenham Green.
The deal is valued at £116m and forms part of the first phase of transforming the former Ford Stamping Plant into a mixed-use neighbourhood.
This phase will deliver 935 homes and is set to complete in summer 2028.
The project is Goodstone Living’s third under its investment vehicle, Goodstone Living Partners 1, with homes also under construction in Edinburgh and Birmingham.
The Dagenham Green BTR homes, comprising one-bedroom, two-bedroom, and three-bedroom apartments, will offer amenities such as fitness areas, co-working spaces, and landscaped gardens.
Andy Hill, founder and group chief executive of The Hill Group, said: “We are delighted to agree this significant Build to Rent deal in partnership with Goodstone, as we actively seek to grow our rental pipeline.
“We have the vision to create an inclusive and welcoming community at Dagenham Green with high-quality homes across all tenures.
“These BTR homes will provide excellent amenities, connectivity and a ready-made community, ticking all the boxes for discerning renters.”
James McMylor, managing director at Peabody, said: “At Peabody, we are committed to making a positive impact by providing high-quality, affordable homes in thriving communities.
“We’re pleased to see the first phase of our Dagenham Green masterplan coming to fruition, reflecting our approach to sustainable regeneration and inclusive growth.
“This partnership with our partners Hill and Goodstone will bring significant benefits to the local community as a part of a wider vision to regenerate East London and ensure that affordable living is a reality for everyone.”
Iliya Blazic, chief executive officer of Goodstone Living, said: “Goodstone’s investment in Dagenham Green demonstrates our strategy to deliver much-needed, high-quality rental housing in key regeneration areas on behalf of our institutional capital partners.
“We are committed to creating sustainable communities where residents can thrive, and this project reflects our focus on providing attainable rental housing with a tailored resident proposition, excellent transport connectivity, a mixture of functional, useable amenity space, all operated within an efficient and integrated management platform.”
Kevin Etchells, head of real assets at Greater Manchester Pension Fund, said: “We are delighted to partner with Goodstone Living on this new project to deliver 360 much-needed new residential homes in East London.
“The UK has a significant undersupply of housing and the Northern LGPS Pool partners are proud to contribute to help solve this crisis.”
Etchells added: “This partnership is a fantastic example of the opportunity for local government pension capital to partner with sector-specialist groups, such as Goodstone Living, to deliver new homes at attainable rents, while also generating community social value and attractive risk-adjusted returns for our members.”
