Regal London announces £85m affordable housing deal with Brent Council

Regal London today announces a landmark £85m partnership with Brent Council at its Wembley development, Fulton & Fifth. To increase its stock of affordable homes, the council has agreed to purchase 294 units of the scheme, which is due to complete in 2026. Located in East Wembley, Fulton & Fifth will comprise 876 homes, with 40% of the scheme being offered as affordable new homes for local households thanks to this deal.

Ranging from one to three-bedroom units, the affordable homes will be hugely impactful to the local community as Brent continues to tackle the housing crisis, with more than 26,000 households on the waiting list for council homes.

Designed with the community in mind, the new mixed-use scheme will also include shops, cafés and creative workspaces as well as public spaces for residents and locals to enjoy. With a clear dedication to nature and its surroundings, the development forms part of Brent’s plans for a “green corridor”: a new linear park that will run between Seven Acre Park and Brent River Park, creating a network of open public spaces. Regal London is also making improvements to the local Wealdstone Brook – which runs past the development – to create a pleasant waterside walk and reconnect the community with this wildlife corridor.

Fulton & Fifth forms part of the wider transformation taking place in Wembley. Since 2002, public infrastructure improvements and more than £2.5 billion of private investment have delivered significant benefits to the local community, including new homes, shops, infrastructure and green spaces.

The site — which was the old Euro Car Parts HQ — was acquired last year through a structured transaction by LaSalle Investment Management, with Regal London retained as development manager.

Marc Eden, Investment Director, Regal London, commented “We are pleased to be playing a role in delivering Brent’s local housing needs. The allocation of affordable homes at Fulton & Fifth is a true testament to the council’s commitment to understanding the needs of its people. What we’re offering in terms of live, work and play at the site is going to set a new benchmark for the area and we look forward to welcoming everyone home in the coming years.”

Councillor Promise Knight, Cabinet Member for Housing, Homelessness and Renters’ Security, London Borough of Brent, said: “We are delighted to be working in partnership with Regal London on this venture. We are committed to creating more affordable homes for Brent residents. The 294 affordable homes in this development are part of that commitment. Residents deserve to live in a borough that is not only fairer and more equal, but greener and more sustainable, and this was at the heart of what Brent planners set out to achieve with Regal London.”

Blake Loveless, Head of Value-Add Investments, LaSalle, added “Fulton & Fifth demonstrates how developers and councils can work together to provide much needed affordable housing. We are grateful to be working with the council to help fulfil its broader mission and meet its targets.”

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JONATHAN SEAL

CHIEF EXECUTIVE OFFICER

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.