Dunmoore has signed a c. €13m forward-funding agreement with RHP Group for the development of 33 affordable homes in Isleworth, West London.
These affordable homes comprise the first phase of Dunmoore’s €95.2m residential transformation of the three-acre Wireless Factory site on Fleming Way. Designed by JTP, the architectural firm, the four-phase development proposes more than 230 homes. A planning decision from the London Borough of Hounslow on the second phase of 71 units is currently awaited. The final two phases for a total of 130 homes are at the pre-application stage.
Dunmoore bought the site in 2014 and converted the once-obsolete industrial estate into a chic urban office park. Now, reacting to changes in the office market, Dunmoore is working closely with the London Borough of Hounslow to deliver new homes to the area, which have been described by the council as being of “exemplar design”.
The forward-funding agreement for the first phase will enable RHP, a provider of homes across the London boroughs of Richmond, Hounslow, Kingston and Hillingdon, to address the acute shortage of affordable housing in the Isleworth area once the one, two and three-bed apartments have been completed in the fourth quarter of 2025.
Tomas Souto, Managing Director of Dunmoore, said: “We are delighted to start the transformation of the Wireless Factory after 18 months of working with RHP and the local authority. This forward-funding deal with RHP gives us the opportunity to bring forward high-quality, sustainable homes for local people. It also justifies our decision in the post-Covid world to transform spaces for working into spaces for living. The sale supports the government’s aim in the recent budget to deliver the biggest increase in social and affordable housebuilding in a generation and its commitment to support councils and housing associations to build their capacity and make a greater contribution to affordable housing supply.”
Dunmoore was advised by Mayfair Private Office for the forward-funding transaction.
Cameron Smith, director of Mayfair Private Office, said: “In a very challenging climate, it was a fantastic result to repurpose underutilised office into affordable housing. Dunmoore is passionate about designing and delivering spaces that people want to spend time in. This is reflected across everything they do and led to the funding of the first phase. They are very excited about launching the next phases soon.”
Rob Cummins, Head of New Business and Regeneration at Richmond Housing Partnerships said: “We’re delighted to be acquiring this site from Dunmoore, which is going to help us deliver more much-needed affordable and sustainable homes in the Isleworth area. We’re pleased to be able to bring new life to a disused space, helping us fulfil our purpose of providing safe, secure homes – opening the door to life opportunities.”
Image source - Dunmoore.
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