Southern Grove acquisition paves way for €99 mln residential-led scheme (UK)

Southern Grove in partnership with Topland Group has acquired a retail block 104-110, The Broadway, West Ealing W13 and is working up a new residential and retail scheme.

Tom Slingsby, Land Director, at Southern Grove said the company in August hoped to submit plans for a scheme with a GDV of around £69 mln (approx. €99 mln), “comprising of around 140 apartments with a large retail unit of 15,000 ft² (approx. 1,393 m²) on the ground floor”.

Details of the transaction were not disclosed.

Andrew Southern Chief Executive Officer at Southern Grove added: “Ealing Council have very impressive plans to regenerate this area which is set to get a massive boost from Crossrail. We are looking forward to working with the council again following our very successful, 50-homes, redevelopment of the Kings Arms at Park Grove, The Vale, Acton, W3.”

Southern who has previously at Hadley Property Group, Hadley Mace, Catesby Property Group, Countryside Properties and Mace Group has secured planning consent and built over 1000 residential units with a GDV in excess of £350 mln (approx. €502 mln).

This acquisition is the latest in a series of transactions and development management contracts which have enabled Mayfair-based Southern Grove to build a substantial warchest to invest in residential and hotel development opportunities.

Southern Grove was also part of Gateway Barnet, the consortium which was named as reserve bidder by Barnet Council to Argent on its 78-hectares Brent Cross South scheme.

Southern added: “Our company is in a very exciting phase in its evolution and is currently working on a number of very interesting off-market residential and hotel proposals. But we are always looking for new opportunities.”

Strutt & Parker acted for Southern Grove on the acquisition.

Source: Southern

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