City & Docklands jv announces Old Oak Common resi scheme

City & Docklands Property Group and Housing Growth Partnership have announced a joint venture to develop a 208-home scheme near Old Oak Common in west London. The North Kensington Gate scheme will be a built on a site within the OPDC regeneration area. Housing Growth Partnership has invested £14m equity in the deal, with lender Cheyne Capital Real Estate committing £73m of development debt. The development will include 58 affordable homes and amenities such as a business lounge, sky terrace and landscaped gardens. It is HGP’s first investment with City & Docklands and the largest investment it has made since the expansion of the HGP III Fund this year. This deal is funded by HGP’s parent company, Lloyds Banking Group, to accelerate equity investment into larger urban schemes and a wider range of residential sectors. Rachel Miller, investment director at HGP, said: “The transaction represents HGP’s ambition in scaling up our investments to tackle housing challenges, and our remit to support the growth of our development partners.” Anna Bulach, investment analyst at Cheyne Capital Real Estate, said: “The development occupies an important position at the eastern gateway to one of the largest regeneration projects in the UK. We look forward to seeing North Kensington Gate lead the way for similar developments in the area in the coming years.” To send feedback, e-mail akanksha.soni@eg.co.uk or tweet @AkankshaEG or @EGPropertyNews