Greystar Real Estate partners and real estate investment platform Henderson Park are making plans for the world’s tallest set of modular apartment towers. This co-venture will start construction of a 550-unit structure in 2019 at 101 George Street in Croydon, a popular London neighborhood. The apartment will use modular construction and consist of 44-story and 38 story towers.
Situated exactly opposite the East Croydon train station, residents of the tower will be close to a station that moves about 600 London-bound trains on an average weekday, the fastest being a 16-minute ride. Croydon also features a big shopping district, vibrant nightlife and is considered one of the largest economic enclaves outside central London.
The borough of Croydon has posted an annual growth rate of 9.3 percent recently. It has been deemed the “Silicon Valley of South London” due to the high volume of tech start-ups functioning in the area.
Croydon is also on track to get a new Westfield and Hammerson shopping center sprawling over 1.5 million square feet of retail and leisure space, possibly coming in 2019
Ambiance, Amenities, and Other Details
Those who live at 101 George Street will enjoy amenities including:
- Roof gardens atop each tower.
- Podium-level sun lounge.
- Panoramic viewing galleries.
- Fully equipped gyms.
- Resident lounge.
- Private dining and event rooms.
On the ground level, the development will provide a “woodland winter garden” that will offer green space alongside George Street.
Mark Allnutt, Greystar managing director outlined the strategic significance of the decision.
“[It] helps us move closer to our target of delivering 10,000 multifamily units in London by 2022,” Allnutt said. “It also means that, when operational, we will have large scale multifamily developments in four areas of London–Greenford in West London, Sailmakers in East London, Nine Elms in central London and now Croydon in south London. We’re thrilled that Henderson Park has decided to invest a second time with Greystar and we look forward to working closely over the coming months to deliver this exceptional project.”
Nick Weber, founding partner of Henderson Park, 101 George Street said the move gives the company “further critical mass” in London’s residential PRS market. “Croydon has a long history as a strong business, retail, leisure and residential destination and the town is currently enjoying a real renaissance driven by 5.25 billion pounds of inward investment and infrastructure works,” he said.