Realstar and Lendlease are pleased to announce the completion of a £120m GDV forward-funding deal to deliver a new UNCLE development in Deptford.

Realstar, through its joint venture with QuadReal, will forward-fund the Build to Rent element of the project, which will be comprised of 251 purpose-built BtR homes combined with UNCLE’s extensive amenities such as a Peloton studio, shared and private co-working spaces along with a few other ‘surprises’. The wider development will also house commercial spaces to help place-making in the up-and-coming area. Given the increasing importance of access to outdoor spaces, not only will each apartment have its own balcony, but the buildings will also be arranged around a landscaped courtyard and the development is located on the doorstep of Deptford Park.

The transaction will further expand Realstar’s UK residential portfolio to c. £1.5bn and over 3,500 apartments across 16 properties of which 11 are operated under its UNCLE brand. Following the transaction, Realstar will have 5 properties under construction which are scheduled to deliver 1,555 new apartments and over one million square feet of residential space over the next three years in partnership with Redrow, Telford, HUB and now Lendlease.

Providing cityscape views, access to green spaces and great transport links to Canary Wharf, the City of London and Shoreditch the site, is situated between Surrey Quays (overground) and Deptford (national rail) stations in Zone 2 just 500m away from the banks for the River Thames. Lendlease has already delivered 203 – apartments to date and intends to develop over 1,000 apartments (including affordable housing), c. 400 rooms for students and 120,000sf of commercial space in future phases.

Situated in south east London, UNCLE Deptford is set to benefit from the future growth of the surrounding area, including British Land’s development of Canada Water and Hutchinson’s development of Convoys Wharf, which will both deliver thousands of new homes as well as employment uses and placemaking.

Ryan Prince, Vice Chairman of Realstar and Founder of UNCLE, said: “From day one our strategy has been to align ourselves with top-tier partners to help meet our aspiration to become the most well-regarded, well-known BTR brand in London. It goes without saying that Lendlease hits the bullseye. In terms of the location, I’ve always felt like the brand’s roots are in south east London. UNCLE Deptford will fit perfectly alongside a number of our other south London locations like Stockwell, New Cross and of course Elephant & Castle, our Richard Rogers designed flagship tower. The development will offer the full complement of what UNCLE is now known for – gorgeous design blended with adoring service and amenities that are created to make your friends and relatives envious.”

Colin Murphy, Lendlease Project Director, Deptford Landings, said: “We’re delighted that Realstar will launch their latest UNCLE development at Deptford Landings. They’ll add a much-needed BtR offering to the mix of new homes on offer in a neighbourhood that benefits from green spaces and excellent transport links. We’re looking forward to delivering a high-quality building containing vital new homes and welcoming them to Deptford.”