Berkeley Group has bought National Grid’s 50% stake in their St William Homes joint venture for £412.5m.
The venture was set up in 2014 to bring forward mixed-use residential schemes on former gasworks sites, following Berkeley’s acquisition of the old gasworks at Southall’s Green Quarter. The venture has since delivered the first 550 homes on that 86-acre 3,750-home site.
The buyout gives Berkeley control of 19 sites already in its land holdings and earmarked for 12,600 homes; two sites for a combined 2,600 homes already in its near-term pipeline; and three new long-term sites for some 5,000 homes. Berkeley said it will now “only acquire new land very selectively”.
