Buccleuch Property has put its 457-home mixed-use development in Hayes, which has a potential GDV of £190m-£200m, up for sale.
The firm has appointed Savills and Carter Jonas to sell the 3.7-acre site at Nestles Avenue, which currently comprises a series of low-rise light industrial buildings.
Planning permission was granted last year for 457 flats totalling 314,000 sq ft, and a further 27,400 sq ft of commercial space, including retail and offices.
It is located within 150m of Hayes & Harlington station, which is scheduled to operate the Elizabeth Line from mid-2021.
Sandy Smith, development director at Buccleuch, said: “Having recently secured detailed planning consent for an excellent scheme on top of a Crossrail station, it is now time to realise our investment in this site and for it to realise its potential to deliver much-needed private and affordable housing into the London market.”
Rob Pollock, director at Savills, said: ‘With the improved market sentiment following the General Election, we anticipate that an opportunity of this scale and price point will appeal to a broad spectrum of developers.
“Its location, coupled with the regeneration opportunities, make this an exceptional opportunity to deliver a development in a market where some of the strongest occupier demand exists.”
The transaction could mark one of Buccleuch’s largest deals yet. Buccleuch Property was created in 2003 to diversify, and capitalise on, the portfolio owned by the Duke of Buccleuch and his family.
The property arm has a market exposure of around £250m through its investment portfolio, a development pipeline exceeding 3.5m sq ft and a land portfolio with more than 12,000 consented homes.
The wider estate is responsible for some 220,000 acres of land, more than 1,000 properties, 11,000 hectares of woodland and 200 tenanted farms.
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