The Hill Group, Peabody and Goodstone Living are coming together to develop 360 build-to-rent (BTR) apartments.
The three blocks, ranging from 14 to 18 storeys, will form part of the first phase of the regeneration of the former Ford stamping plant site in Dagenham, where a mixed-use neighbourhood is currently under construction.
The first homes are expected to be available from summer 2027, with full completion anticipated by summer 2028.
The Hill-Peabody JV is to deliver the first 935 home phase of the Dagenham Green scheme.
Once complete, Peabody’s wider masterplan will provide more than 3,500 new homes and extensive placemaking, public realm and amenities, including a secondary school, medical centre, community centre and market square.
This new partnership with specialist real estate developer and investment manager Goodstone Living is a deal valued at £116m, marking one of the largest deals in the BTR sector this year.
Hill said that the deal highlighted its expanding footprint in the BTR market as well as Peabody’s aspirations to do more BTR as part of its mixed tenure, mixed-use approach to place-making and regeneration.
The project is Goodstone Living’s third development on behalf of its first managed investment vehicle, Goodstone Living Partners 1 (GLP1), capitalised by Macquarie Asset Management and the Northern Local Government Pension Scheme. GLP1 will now have approximately 1,300 build-to-rent homes under construction across Edinburgh, Birmingham and now London.
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