Montreaux acquires Barnet site for mixed-use scheme
Developer Montreaux has acquired a 2.6-acre site in Barnet, north London, for a £100m mixed-use residential and supermarket development.
It has acquired the former Fiat car dealership in Colney Hatch from a French private investor for £16m.
The acquisition was backed by loans from ASK Real Estate and OakNorth.
Developer Montreaux has acquired a 2.6-acre site in Barnet, north London, for a £100m mixed-use residential and supermarket development.
It has acquired the former Fiat car dealership in Colney Hatch from a French private investor for £16m.
The acquisition was backed by loans from ASK Real Estate and OakNorth.
Montreaux will develop 200 flats and a 20,000 sq ft supermarket. It is in talks with Lidl and Aldi over a potential prelet.
The developer will submit a planning application to Barnet Council in the first quarter of next year, and has a target to begin construction in the fourth quarter.
Damian Stalley, managing director at Montreaux, said: “We were attracted to the site as it is part of an opportunity area and we believe we can secure a prelet anchor tenant for the foodstore.
“Montreaux has been working with Barnet Council at our Cricklewood site and we have a good relationship; they support the principles of development.”
The developer is expanding its presence in London and the South East with a focus on large mixed-use regeneration of brownfield sites.
It spent £200m on land acquisitions in 2018 and £150m this year, picking up major sites in Cricklewood (1,000 homes) and Charlton in Greenwich (1,000 homes).
Wielding £500m of UK and international institutional finance, it expects further acquisitions to increase its pipeline to 15,000 homes.
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