London developer Aitch Group has secured consent to turn a retail park in Harrow, north London, into almost 200 flats.
The 2.5-acre site currently holds two large warehouses, with 32,000 sq ft occupied by Sports Direct, Homesense and Dunelm. The developer acquired the site from LaSalle IM for £11m in 2019 at a gross yield of 7.42%, with lease expiries due in 2019, 2020 and 2025.
Aitch will develop 191 flats across three blocks of four to six storeys. The £85m scheme estimates residential sales values of around £625 per sq ft.
During the consultation, the developer raised the affordable housing provision from 10% to 25%. The application will be referred to the mayor of London for the final stage two approval.
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