Working in partnership, Durkan and M&G Real Estate have transformed a dormant brownfield site into a landmark residential development. In 2016, Durkan started negotiations with M&G that resulted in a Build To Rent (BTR) deal that triggered the construction of a significant development at the centre of the London Borough of Redbridge’s Ilford regeneration scheme.
In March of the following year, M&G Real Estate signed the £71.4m deal with Durkan to finance and build 206 new private rental homes on Chapel Road, Ilford. By providing forward funding stage payments M&G were able to facilitate construction of the development. Set around a 24 storey tower, the scheme features 354 new homes in a mix of one, two and three bedroom apartments of which 206 have been purchased by Southern Housing Group for affordable and shared ownership.
Britannia Music Site is a pivotal development within Ilford’s wider town centre regeneration plans. Drawing on its heritage as the mailing house for Britannia Music and before that, Britannia Works, the world famous Ilford photographic brand, this simple, yet striking development brought a previously disused space back to life. Not only did the development deliver new homes benefiting the local area in the long term, it significantly supported the local economy throughout the construction process. During peak construction periods a typical day saw 220 operatives on site, with an average of 20% local labour.