Apache assembles £300m Kingston regen on council land

Apache Capital Partners is piecing together a £300m redevelopment on six parcels of land around Kingsgate Road in Kingston. It would be the investor’s first London build-to-rent scheme, having grown its presence in the regions in partnership with Moda Living. Apache entered the borough in 2015 through a jv with Investra, with a purchase option to acquire a £49m student accommodation scheme from Goldcrest Land for £11.5m, via the company Kingston Gate Properties. The jv has agreed to buy the 250-year long leasehold for adjacent land at Canbury Place car park from Kingston Council for a further £12.6m, subject to planning, to support a wider development. The development will span 2.42-acres of land valued at £26m. Plans for a 389-flat build-to-rent scheme with 25% affordable housing, valued at £250m, are expected to go to the planning committee in August. Apache had initially proposed a larger scheme of 445 BTR flats in buildings of up to 25 storeys, but scaled back plans following concerns from the public over height and traffic in the area. The developer is also in talks with the council regarding removing sections of the highway on Kingsgate Road and Walter Street to allow for the wider development. Apache is a major player in the UK BTR market, through its partnership with Moda Living, which it agreed in 2015. The duo currently has £850m of schemes under construction, with major schemes in Birmingham, Brighton, Edinburgh, Manchester, Leeds and York, as part of a goal to deliver a £2.5bn pipeline of 7,500 rental flats. Earlier this year, Apache announced plans to raise up to £600m for a second UK BTR platform, this time focused on opportunities in London and the South East and now with an established track record in a more competitive market. To send feedback, e-mail emma.rosser@egi.co.uk or tweet @EmmaARosser or @estatesgazette