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Vistry to complete north London scheme after previous developer fell into administration
Vistry has taken on the Patchworks development in Waltham Forest after a pause because the previous developer fell into administration.
The large house builder will continue the development of 583 homes in Walthamstow, London, 228 of which will be affordable, after it was paused in October 2023 when Inland Homes fell into administration.
The Patchworks scheme was initially meant to be finished by March 2025, but Vistry has set the expected date of completion for 2028.
Around four months before Inland collapsed in 2023, an investigation found that the brownfield developer’s board was unaware of a number of related-party transactions entered into by its former boss and other senior directors.
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Inland told the stock market: “The matters covered in the FRP [the accountants’] report have revealed significant and repeated failures in board-level corporate governance and failings of internal control in some areas of the group.”
In 2022, the firm’s chief executive stepped down after the company posted a pre-tax loss of more than £37m.
Vistry has partnered with London BTR Investments (LBTR), which has acquired 355 homes for build-to-rent under its Simple Life London brand. The 228 affordable homes will be provided by Newlon Housing Trust.
Louis Gavriel, assistant director of business development at Newlon Housing Trust, said: “We’re really pleased to be partnering with Vistry, LBTR and the London Borough of Waltham Forest to deliver this much-needed affordable housing.”
Kevin Delve, managing director of Vistry East London, said: “Building on our other successful projects in the borough, these much-needed homes will make a real difference to local housing need.
“We are looking forward to completing the project and delivering the council’s housing vision at pace.”
The Patchworks scheme will provide ‘‘80 new trees’’, energy-efficient buildings and new pedestrian routes to Waltham Forest.
Ahsan Khan, the council’s deputy leader and cabinet member for housing and regeneration, said: “I am very pleased to be working with Vistry to complete the new Patchworks development that will provide hundreds more much-needed new homes, with 156 available for low-cost rent to help those households in the greatest need.
‘‘We are determined to make sure that local people have the opportunity to live in the borough close to their families, friends and support networks.
‘‘The development will be completed to a high standard, alongside environmental upgrades that will make the area a nicer, more welcoming place for residents and visitors alike.”
Stuart Churchward, on behalf of London BTR Investments, said: “Walthamstow is a very attractive property hotspot and we’re very pleased to contribute to this, offering renters brand-new apartments, teamed with a professional rental experience through the Simple Life London brand.”
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