Q Developments has acquired the multi-story Ley Street Car Park site in Ilford, East London. The 1.3-acre site was bought for £8.35m.
The planned development would include 550 PBSA units, 200 Build to Rent units and 60 C3 residential units.
Located half a mile from Ilford station, the acquired site presents a prime development opportunity for Q Developments in one of London’s fastest-growing metropolitan centres.
The site benefits from exceptional connectivity, with journey times of just 18 minutes to Liverpool Street and 23 minutes to Tottenham Court Road via the Elizabeth Line. It also offers excellent road connections, being in close proximity to the M11, A406 and A12.
Q Developments plan to submit a planning application in May 2025, which is being developed with architect Broadway Malyan.
“We are delighted with the acquisition of this key gateway site within the rapidly growing Ilford town centre. This strategic purchase positions us to contribute to the ongoing regeneration of the area. Building on the positive outcome of our pre-application discussions, we are preparing to submit a planning application in May 2025.
“The proposed development will feature 550 PBSA units, 200 Build-to-Rent units, and 60 C3 residential units, further enhancing the vibrancy and sustainability of Ilford’s town centre. We are excited about the opportunity to deliver a project that will contribute to the continued growth and success of exciting location.”
Michael Dakin, Land Director, Q Developments
Ilford is currently undergoing substantial regeneration, with plans to deliver 6,000 new homes and create 3,000 new jobs by 2030. The area has already attracted significant investment across various residential sectors, including PBSA, Build to Rent, co-living and Build to Sell.
Knight Frank closed the deal on behalf of the London Borough of Redbridge.
“The sale of Ley Street Car Park represents a significant opportunity for residential development in a rapidly evolving part of London. The site’s excellent transport links, including Elizabeth Line connectivity, combined with its location in Ilford’s town centre, make it an extremely attractive proposition for development.
“This sale demonstrates the continued confidence in Ilford’s development potential, supported by strong house price growth in the borough, which outperformed the London average with a 4.4% increase in the 12 months to January 2023.”
James Barton, Head of City & East Land, Knight Frank
