Royal London Asset Management and Kitewood Development Partner Ltd have announced the details of a major mixed-use regeneration project in Colindale, North London.
The development on Capitol Way, NW9 will see a 4.5 acre retail warehousing site transformed into a residential and retail community with 460 apartments spread across four six-storey buildings and a 17 storey tower on Edgware Road. There will additionally be 60,000 ft² (approx. 5,575 m²) of retail space at ground floor level, together with three levels of car parking for over 450 vehicles. Network Housing Group has acquired 215 of the properties.
RLAM and KDP have agreed a £64 million (approx. €74 million) contract with national contractor Shepherd Construction to complete the first phase of the two-year construction programme, which is now underway. The high quality development will provide first-class modern apartments including features such as LED lighting, and under floor heating. Residents will also benefit from four large, landscaped private courtyards providing a safe, tranquil space.
Drew Watkins, Senior Fund Manager at Royal London Asset Management, commented:
“Our Colindale development is an exciting, high-quality project that unlocks the potential of a prominent site to provide much-needed housing, as well as a striking retail offering that will attract substantial new retailers and bring new employment to the area. It is a great example of how institutional asset managers can support the regeneration of communities whilst offering strong long-term returns to investors. The team at KDP has strong credentials in delivering modern high specification developments of this nature. We have a shared vision for this project and a close collaboration with the KDP team.”
Joe Crawley, Managing Director of Kitewood Development Partner Ltd, added:
“We are proud to be working with RLAM to bring forward this transformational development in Colindale. Capitol Way combines modern design with high quality specification levels, open spaces and a compelling retail element to create a whole new community within easy reach of central London. In addition, it enjoys excellent rail and road links, with good access to major airports and we anticipate high demand from a range of occupiers. We have a long standing relationship with RLAM, a highly-regarded asset management business with a strong track record in property investment, and we look forward to delivering a high quality development together with them.”
Savills will be acting as the commercial agent with Hamptons responsible for the residential sales, with marketing on the scheme scheduled to commence in early 2014.
Source: Royal London Asset Management