Telford Homes acquires Poplar site

London-focused property developer Telford Homes has completed the acquisition of a development site in East London for over £20m.

The London-listed company said the site, located on Carmen Street in Poplar, E14, has full planning consent for a 22 storey development consisting of 206 new homes and a nursery.

In a short statement released on Thursday, Telford added it expects work to begin next year and forecast work will be completed by 2019-2020, adding the development will add approximately £80m of revenue to its development pipeline.

“We are constantly reviewing potential sites and having access to this capital has allowed us to move quickly to secure the Carmen Street site which has the unexpected advantage of an existing planning consent,” said group chief executive Jon Di-Stefano.

“Poplar is an area we know well, where there is strong and proven demand for our homes, and we look forward to commencing this exciting development in 2016".

Telford shares were down 0.74% to 367.25p at 0852 GMT on Thursday.