Trowers & Hamlins has advised housing association Poplar HARCA on a deal with Willmott Dixon’s be:here company that will see the development of 233 homes in the London Borough of Towers Hamlets as part of the regeneration of the Aberfeldy estate.

Poplar HARCA retains its freehold and has granted a 250-year leasehold on the land to M & G Investments who are funding the development of the homes through be:here, to create a substantial number of homes predominantly for the private rental market.  be:here was launched this year to provide a new alternative to young professionals looking for high-quality accommodation in the private rented sector.

Poplar HARCA has sub leases of the affordable and private rental dwellings for the first 30 years and is paying rent to M & G with annual reviews linked to inflation.  The affordable homes will then revert to Poplar HARCA and M & G will retain its lease of the private rental units, with the housing association having the right to renew its lease over them.

The private rental units will be let under the be:here brand, with Poplar HARCA responsible as landlord for the management of the tenancies, including all outgoings, maintenance and repairs during the lease term.

Housing and Regeneration partner, Catherine Hand, commented:  "This deal will provide Poplar HARCA with much needed social and affordable housing in the East India Dock area, without the housing association taking on any development exposure.  The Aberfeldy estate regeneration will create a better living environment for local residents and will benefit from excellent transport links to the City, Canary Wharf, Stratford and beyond.  We are delighted to have been involved in this phase of the project."

Plans for the regeneration of the seven-acre Aberfeldy estate include 1,176 homes, shops, healthcare and community facilities built over 12 years, with the work divided into six phases.  Trowers & Hamlins acted for Poplar HARCA on the forming the joint venture with Willmott Dixon that is undertaking the regeneration of the rest of the estate.

Trowers & Hamlins partners Catherine Hand and Sangita Unadkat led on the deal for Poplar HARCA.