Q Developments buys Ilford car park for resi regeneration scheme

Q Developments has acquired the multi-storey Ley Street Car Park in Ilford from Redbridge Council for £8.35m. The 1.3-acre site will be redeveloped to provide a 550-bed student accommodation scheme, 200 build-to-rent homes and 60 other homes. The premises will sit within a designated tall building zone and the site has been allocated for residential development by Redbridge Council. Michael Dakin, land director at Q Developments, said: “This strategic purchase positions us to contribute to the ongoing regeneration of the area. Building on the positive outcome of our pre-application discussions, we are preparing to submit a planning application in May. We are excited about the opportunity to deliver a project that will contribute to the continued growth and success of this exciting location.” James Barton, head of City and East Land at Knight Frank, which acted for the council, added: “The sale of Ley Street Car Park represents a significant opportunity for residential development in a rapidly evolving part of London. The site’s excellent transport links, including Elizabeth Line connectivity, combined with its location in Ilford town centre, make it an extremely attractive proposition for development. “This sale demonstrates the continued confidence in Ilford’s development potential, supported by strong house price growth in the borough.” Ilford is currently undergoing substantial regeneration, with plans to deliver 6,000 new homes and create 3,000 new jobs by 2030. According to Knight Frank, the area has already attracted significant investment across various residential sectors, including build-to-sell, build-to-rent, co-living and student housing. Photo courtesy of Knight Frank