Greystar in Partnership with European real estate business Henderson Park partnership will pay £105.5m for the Equipment Works scheme.

Telford Homes will receive an initial land payment followed by regular payments throughout the construction period and a final profit payment.

The 3.16 acre site in the London Borough of Waltham Forest was purchased by Telford for £40m two years ago and has full planning consent for 337 new homes including 80 affordable homes and 18,830 square feet of flexible commercial space.

The development designed by DLA Architecture is separated into two buildings; the main building and workshop building. The main building comprises the residential units in reinforced concrete framing up to 10 storeys high.

The lightweight steel frame workshop building comprises flexible areas suitable for either retail or restaurant use on the ground floor with flexible office space above.

The site is situated within 150m of Blackhorse Road station on the Victoria line and London Overground.

Jon Di-Stefano,chief executive officer of Telford Homes, said: “We are delighted to have secured another forward-funded, build to rent sale and especially to have further cemented our strong relationship with Greystar.

“This transaction demonstrates our increasing commitment to London’s growing build to rent market and underpins our strategy to continue to scale our build to rent pipeline while providing certainty over future revenues and cash flows and delivering excellent returns on capital.”

It is the third time Telford has worked with Greystar following the recent land purchase at Greenford, UB6 and the partnership to deliver 894 rental homes at Nine Elms, Battersea.