Regal London, one of London’s leading residential-led mixed-use developers, today announces the acquisition of a site at 37-39 Clarendon Road, Watford. The developer, who also recently announced the purchases of sites in Hackney and Wembley, continues its acquisitive strategy and remains confident about further growth.
It has acquired the site with the benefit of an already implemented planning permission, which it has successfully amended to increase the number of homes, now totalling 168, and to improve the substantial grade A office space with ancillary café and gymnasium. Following the recent Planning Committee success, the development will also secure an overall planning obligation package totalling more than £4.6 million which includes an affordable housing financial contribution of c.£2 million.
Regal London’s vision is for a £150m scheme that will comprise of studios, one, two and three bedroom homes, as well as c.150,000 sq ft of office space, building on the existing Watford office market, which is expected to grow as demand increases from companies and employees moving away from central London. The residential building will be 25 storeys and all homes will be private for sale, attracting first-time buyers, as well as local employees. Watford is home to many businesses and has an established centre with convenient transport links and a high street that is set to undergo significant regeneration.
Works have already commenced on-site this month, with anticipated occupation of the office space in Spring 2024 and the residential in Autumn 2024.
Regal London expects that up to 380 full time jobs will be supported during the construction phase of the project and anticipates an additional 1,200 direct jobs through the commercial floorspace and community uses once the development is operational.
During construction the proposed development will provide c.120 training opportunities on-site through the Regal London Real Estate Academy, in partnership with charity Building Heroes, which provides skilled training to military veterans and members of local disadvantaged groups. This equates to over £3.6 million of additional social value across the duration of the development.
As well as significant social and economic benefits, the development will be highly sustainable, targeting a BREEAM Outstanding certification. In line with its Corporate Sustainability Strategy, Regal London will be going beyond the minimum biodiversity net gain requirements through high quality design. In addition, the office space is being designed with the health and wellbeing of future employees in mind by targeting Cycling Score, Wired Score and Well Building Standard certification.
Paul Eden, Co-Founder of Regal London, commented:
“This acquisition comes during a particularly active period for Regal London, which has seen us secure new sites and planning permissions across the city that complement our strategic growth ambitions whilst creating substantial social and economic benefits to the surrounding area, including hundreds of jobs.
“We’re looking forward to bringing our mixed-use expertise to a fantastic part of Greater London with this project, supplying 168 new homes and grade A office space at a time when many businesses and workers are reassessing their office needs and increasingly looking to convenient, exciting areas beyond the city centre.”
Jonathan joined Regal London in 2016 as a Non-Executive Director and was appointed Managing Director in January 2017 before assuming the role of Chief Executive Officer in July 2020. Prior to joining Regal London full time, Jonathan spent 25 years’ working in law, corporate finance, publicly listed funds and private equity. Jonathan is both a member of Regal London’s Executive Committee and Management Committee.