Savills : Operational Capital Markets has advised client Network Homes on its first ever B2R forward funding deal

Savills OCM and Viability teams advised on the process to ensure a successful outcome for the project.

Work is set to begin later this year after contracts were exchanged between Network and Build to Rent operator Grainger. Construction work has been contracted to Henry Construction.

Grainger will forward fund 401 homes within three blocks which will be operated as a standalone Build to Rent development, with Network retaining the 100% affordable 22-storey building that will house 42 homes for London Affordable Rent and 132 for Shared Ownership. The wider development will also deliver 2,100 sqm of office space and 318 sqm of flexible commercial space which will provide options for local businesses and create employment opportunities. Communal gardens and public realm space will be created on the Merrick Road frontage and landscaping, play and amenity space areas will be provided within the site.

Within 100m of the new Southall Elizabeth line station and less than 10 minutes' walk from the centre of Southall, the development in Merrick Road will act as a gateway site, helping to trigger the transformational regeneration of Southall over the next decade.

Polly Simpson says "It has been a pleasure working with the entire Network team and their advisors and we are thrilled to have facilitated another new partnership in the Build to Rent ("BTR") space. When complete, Merrick Place will be a landmark BTR development that will offer Southall tenants fantastic quality accommodation with professional onsite management and quality of service.

The BTR sector is on course for a record year and the Savills OCM team is proud to have already concluded a record breaking number of transactions - facilitating the delivery of almost 3,000 new homes in the process."