Weston buys £85m Watford Laundry Factory development

Weston Homes has acquired the 2.5-acre Watford Laundry Factory from Fairview New Homes, which has consent for an £85m development comprising 227 homes. Founded in 1907, the factory operated for 105 years and counted The Old Bailey, Harrow School, and five-star hotels in London such as the Grosvenor House and Hyde Park Hotel among its clients. It was also previously known as the Watford Launderers & Cleaners. The project will provide 208 private sale apartments and penthouses across 162,000 sq ft in eight apartment buildings, ranging from three to 11 storeys. There will also be 19 affordable housing units measuring a combined 15,000 sq ft. The development, located off Sydney Street, will also feature a new commercial facility, piazzas, parking and landscaped grounds. Preliminary works have started on site, while full construction works will begin in the autumn. The scheme is expected to launch in spring 2020. Bob Weston, chief executive of Weston Homes, said: “Our acquisition of the Watford Laundry Factory is the latest in a series of site purchases that Weston Homes is in the process of undertaking as part of our ongoing major expansion.” Weston Homes’ development pipeline stands at more than 7,500 new homes, with a completed value of £3bn. The average selling price will be £250,000. In the past six months the developer has bought sites that will provide new homes worth more than £700m (GDV) across London and the South East, providing 3,300 units. Of these, 2,170 units (65%) are within Greater London. To send feedback, e-mail pui-guan.man@egi.co.uk or tweet @PuiGuanM or @estatesgazette