City & Docklands ups Old Oak to £600m of development
London developer City & Docklands has acquired a new site in the Old Oak area, which will see development increase to around 1,000 homes with an end value of £600m.
It has boosted its numbers with the acquisition of a £100m build-to-rent development at North Kensington Gate in west London, NW10. The developer acquired the site with planning consent for a 164-home scheme from Aurora Developments.
North Kensington Gate will comprise three buildings of up to 22 storeys in height, with 8,000 sq ft of ground floor retail and commercial space.
London developer City & Docklands has acquired a new site in the Old Oak area, which will see development increase to around 1,000 homes with an end value of £600m.
It has boosted its numbers with the acquisition of a £100m build-to-rent development at North Kensington Gate in west London, NW10. The developer acquired the site with planning consent for a 164-home scheme from Aurora Developments.
North Kensington Gate will comprise three buildings of up to 22 storeys in height, with 8,000 sq ft of ground floor retail and commercial space.
The scheme was designed by Allies and Morrison and will be managed by City & Docklands’ PRS management arm A Way of Life (AWOL).
North Kensington Gate is located on the eastern side of Scrubs Lane on the Grand Union Canal, at the gateway to the Old Oak Opportunity Area. It sits directly opposite C&D’s £112m Mitre Yard, comprising a further 200 BTR homes with a micro-brewery.
It builds on C&D’s first scheme at One West Point, comprising a further 604 homes (329 BTR homes and 275 for sale) at the £380m development, which is currently under construction.
The three sites are in close proximity surrounding the planned Old Oak Common railway station for HS2, and a short distance from a number of underground stations, the A40 and connections to Heathrow airport.
C&D chief executive and chairman Gary Sacks said: “West London has been really undervalued in the past. You have the anchor points of White City and Imperial College – the new campus has had a huge impact on the number of people coming into the region – and this will start expanding.
“We are looking to make our returns on a vertically-integrated build-to-rent scheme with long-term gain through the increased regeneration value.”
Construction will begin on the two schemes in January 2020, with an estimated build time of 24 months.
Sacks added: “City & Docklands is delivering; we are physically here. We are working closely with the Old Oak & Park Royal Development Corporation to bring North Kensington Gate forward.”
The OPDC has a target to deliver 25,500 homes across the 1,600 acre region over the next 20 years as part of the UK’s largest regeneration, with an estimated value of £26bn.
The development agency has come under fire over failure to deliver a viable plan, and this month said it would look to external finance to bring forward development.
City & Docklands was established in 2004. It has a pipeline of 1,500 BTR homes in planning and under construction. The developer has delivered more than 2,600 homes and has a portfolio of 4,500 properties under management through its platform Life Residential.
JLL advised Aurora Developments in the sale of North Kensington Gate, and City & Docklands acted without representation.
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