Development Securities today announces that it has secured Resolution to Grant Planning at its seven-acre development site at 399 Edgware Road, North West London, for a £150 million (approx. €175.5 million), mixed-use regeneration scheme.
The positive planning news today follows on from the announcement that the 80,000 ft² (approx. 4,400 m²) foodstore that will anchor the scheme has been pre-let to Morrisons on a 35-year lease. The consented scheme will also include 183 private residential units, over 50,000 ft² (approx. 4,650 m²) of retail and restaurant space, new public realm and a primary school that will transform this currently derelict site and create a vibrant new mixed-use community. The scheme is now being marketed for funding and start on site is anticipated in September 2013.
The announcement also follows on from recent news regarding the £11.4 million (approx. €13.4 million) sale of a 19-acre residential site in Broughton near Chester to a housebuilder. The combined progress at Broughton and 399 Edgware Road, two of the Company’s most significant non-income producing legacy assets, will allow a substantial amount of cash to be released over the next 18 months.
Michael Marx, CEO, Development Securities said: “We are very pleased to have secured planning at 399 Edgware Road, a scheme that demonstrates our strategy of creating value through the regeneration of redundant and undervalued real estate. It has been a priority for us for several years to unlock cash from our non-income producing legacy assets and the progress announced today is a significant step forward in this regard. We look forward to announcing positive news concerning the funding and delivery of this scheme in the near-term.”
Source: Development Securities