Berkeley Group subsidiary St James has bought a 10-acre site in White City, W12, for a 1,300-home scheme.
The housebuilder will pay retailer Marks & Spencer £100m over the next three years for the warehouse site. M&S will occupy the site under a leaseback deal before moving to more modern facilities.
Berkeley Group chairman Tony Pidgley said: “St James will use all its expertise in place-making to create a fantastic new location, with a public park, improved connections and homes for thousands of people.”
The site is part of a much larger regeneration programme led by parties including Westfield, Stanhope and Imperial College London.
Peter Burns, executive director of CBRE’s central London development team, which advised M&S, said: “This deal allows M&S time to undertake a relocation, while releasing a significant piece of the jigsaw of one of London’s most exciting regeneration areas.”
joanna.bourke@estatesgazette.com
