Peabody and Hill strike £116m deal with build-to-rent operator as part of 3,500-home Dagenham scheme

A joint venture business owned by Hill Group and Peabody has struck a £116m deal with a build-to-rent operator to deliver 360 homes as part of a 3,500-home scheme.

Under the deal Goodstone Living will forward purchase the homes, which will be built on the former Ford stamping plant site in Dagenham, east London.

The homes will be built as part of the first, 935-home phase of Dagenham Green, delivered by the Hill Group and Peabody joint venture.

Peabody’s wider masterplan for the 45-acre Dagenham Green site includes 3,500 homes, an urban park, a lake, children’s play areas, community gardens and other green spaces along with a new secondary school and a medical centre.

The project is Goodstone Living’s third development on behalf of an investment vehicle backed by Macquarie Asset Management and the Northern Local Government Pension Scheme. The vehicle has around 1,300 build-to-rent homes under construction across Edinburgh, Birmingham and London.