Cricklewood resi comes back to the market
A private investor is selling a 54-flat scheme in Cricklewood, NW2, having scaled up its plans three years after acquiring the site.
Savills and Vandermolen Real Estate have been appointed to sell the freehold for the north London development at 4-9 Gladstone Parade, with a guide price of in excess of £6.25m.
The 0.43-acre site was granted consent last year for 38 private market sale homes, 11 social rented homes and five shared-ownership, with 21 parking spaces and four commercial units spanning 4,519 sq ft on the ground floor. The development has an end value of around £20m.
A private investor is selling a 54-flat scheme in Cricklewood, NW2, having scaled up its plans three years after acquiring the site.
Savills and Vandermolen Real Estate have been appointed to sell the freehold for the north London development at 4-9 Gladstone Parade, with a guide price of in excess of £6.25m.
The 0.43-acre site was granted consent last year for 38 private market sale homes, 11 social rented homes and five shared-ownership, with 21 parking spaces and four commercial units spanning 4,519 sq ft on the ground floor. The development has an end value of around £20m.
Developer City & Suburban originally gained planning consent for 38 flats in 2017 and the owner acquired the site for £5.5m a year later, before opting to boost the plans in a higher density scheme.
The new plans have seen a 40% increase in residential floorspace to 40,448 sq ft. However, increases in CIL and section 106 liabilities of around £1.2m put the pricing around the same, despite the uplift in size.
Residential development land values in London have continued to decline since their peak in 2014, in line with house prices and rising costs. According to Savills, central London development values dropped by 30% from the start of 2017 to the end of 2019, with many developers holding off amid political and economic uncertainty.
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