Telford Homes to buy Stone Studios in Hackney Wick

AIM-listed residential property developer Telford Homes has exchanged contracts for the purchase of Stone Studios, a residential-led mixed-use development site on Wallis Road, Hackney Wick, E9.

The 1.06 acre site, located between Victoria Park and the Queen Elizabeth Olympic Park, has detailed planning permission granted by the London Legacy Development Corporation.

Telford said it has "excellent" transport links, including direct access to the adjacent Hackney Wick Overground station, making the area highly desirable.

Telford Homes will deliver 110 new open market homes and 10 affordable homes along with 54,218 square feet of commercial space including 32,540 sq.ft. of affordable workspace. The gross development value of the scheme is expected to be over £80m and the group intends to begin work on site later this year, with completion in 2020.

Chief executive Jon Di-Stefano said: "Stone Studios is situated in one of London's most exciting and fast changing neighbourhoods and we are delighted to have exchanged contracts for this significant site as it further enhances our already strong development pipeline.

"The location fits perfectly with our strategy of developing homes for sale in non-prime London and it is particularly pleasing that it already benefits from a planning consent. As a result, we can commence work later this year and deliver much needed new homes as swiftly as possible."

At 1240 BST, the shares were down 1% to 404.03p.