Weston Homes has signed a £36 million forward funding agreement with Royal London Asset Management Property for the delivery of 85 Build-to-Rent (BTR) units at its Town Quay development in Barking.
This marks the second major BTR transaction between the two firms, following the £110.1 million deal for the 349-unit Bracknell Beeches scheme.
The latest agreement will see Royal London Asset Management acquire two residential buildings – Blocks B and C – comprising one-, two-, and three-bedroom apartments.
As part of the deal, Weston Homes will retain responsibility for delivering the project under a Development Agreement, with practical completion scheduled for November 2026.
147 NEW HOMES
Town Quay is a £50 million gross development value (GDV) mixed-use scheme designed by PRP Architects, set on a 60,600 sq. ft. waterfront site off Abbey Road.
Once complete, the development will provide 147 new homes, 42% of which are allocated for affordable housing, alongside 10,764 sq. ft. of commercial space intended for retail, hospitality, and creative enterprise.
The architecture draws on Barking’s industrial and maritime heritage, featuring a mix of 11- and 7-storey buildings with pitched roofs, brick façades, dormer balconies, and colonnaded ground floors. The scheme will include new pedestrian boulevards, a public plaza overlooking the Mill Pond and River Roding, and connections to the adjacent Abbey Green.
MODERN URBAN LIVING
Each residential unit is designed for modern urban living, offering open-plan interiors, private outdoor space, and high-end specifications, including quartz worktops, integrated appliances, and smart bathroom technology.
All homes will be fitted with full-fibre broadband, while residents will also benefit from on-site cycle storage, parking, and access to a ground-floor mix of commercial and community-focused amenities.
The Town Quay deal further consolidates Weston Homes’ position in the BTR sector and reflects the growing interest from institutional investors in stabilised residential assets. It also underlines Royal London Asset Management’s continued appetite for long-term exposure to professionally managed rental housing in high-demand urban locations.
SOLID RELATIONSHIP
Bob Weston, Chairman of Weston Homes says: “This second forward fund agreement further solidifies our relationship and demonstrates the confidence in our ability to deliver high-quality residential projects.
“We have now undertaken BTR deals worth a combined total of £146.1 million with Royal London Asset Management Property. We look forward to bringing this development to fruition and continuing to explore further opportunities.”
Mark Evans, Head of Property at Royal London Asset Management, adds: “This second venture with Weston Homes highlights our commitment to expanding our residential portfolio.
“Town Quay aligns with our goal of delivering sustainable, high-quality rental housing in prime locations, providing long-term value for our investors and future residents.”
