Contracts with Tide Construction to build two of the world’s tallest towers in Croydon, London have been finalised by Greystar Real Estate Partners and Henderson Park. The project has received full planning permission for the 44 storey and 38 storey towers that will be built using modular construction.
A 550 apartment residential development at 101 George Street in Croydon will be obtained as part of the contracts as well. This deal is expected to close in the first quarter of 2018. “101 George Street is a strategically significant deal for Greystar and helps us move closer to our target of delivering 10,000 multifamily units in London by 2022,” said Greystar UK Managing Director, Mark Allnutt.
Greystar argues that the use of modular construction has the potential to lead to 80% less waste, requiring fewer onsite workers and greater certainty on costs and time. A factory in Bedford will manufacture the modules, while the units will be already equipped with pre wired electricity, furniture, plumbing, and windows.
When the development in Croydon will be operational, Greystar “will have large scale multifamily developments in four areas of London, Greenford in west London, Sailmakers in east London, Nine Elms in central London and now Croydon in south London,” added Mark Allnutt.
The collaboration with Henderson Park is also great news for both the real estate and the construction: ““We’re thrilled that Henderson Park has decided to invest a second time with Greystar and we look forward to working closely over the coming months to deliver this exceptional project,” commented Mark. The construction work on the project will take two year to complete.
Founded in 1993, Greystar has learnt during its time of existence what is important to people when it comes to a place to call home and the services that enhance the living experience. They put their heart and soul into providing beautiful living environments, with people at the core of their work.