Regal London has bought a large development site in Wembley, north London, for a £270m mixed-tenure beds and sheds scheme. The company, backed by funds from ICG Real Estate, has purchased the 3.6-acre Euro House site from Dominvs for around £35m.
The development is Regal London’s latest under a new strategy to expand into larger, mixed-use regeneration across Greater London. The site was marketed by agents in 2018, guiding £40m. Dominvs has since gained consent for 493 homes and sourced a buyer directly.
Dominvs bought the site in 2012. It was previously the headquarters of Euro Car Parts and holds a 59,000 sq ft warehouse. It was more recently used as a TV production site. It is located on the eastern side of Wembley Stadium, minutes from Wembley Park Underground station, close to Quintain’s 85-acre mixed-use development.
Regal London will work with architects at JTP on fresh plans for a £270m development with 750 homes of mixed tenure and light industrial and commercial space on the ground floor. A planning application is likely later this year, with an aim of starting on site inmid-2022 and a phased completion set for 2026.
Regal London is also working with Bradley Murphy Design on wider landscaping and public realm to include green spaces, sustainable infrastructure and training opportunities for local people. The development is the second large mixed-use scheme for Regal London, following its £500m Orchard Wharf project , which comprises 826 flats, with BTR, market sale and affordable, alongside an 88,000 sq ft warehouse and operational wharf.
Simon De Friend, co-founder at Regal London, said: “This particular site is perfect for Regal London. The initial plans we’ve put together would make for a development that would really complement and contribute to the area, tying in with the wider regeneration of Wembley.
“Our land acquisition strategy has continued without interruption despite Covid-19, thanks to the resilience of our integrated model and business strategy.”
Written by Emma Rosser for Estates Gazette – 12/03/21