Grainger has bought another property for redevelopment in London’s Seven Sisters, pushing its investment in Tottenham residential-let projects to more than £100m.
The developer has completed a deal to buy 41,853 sq ft Apex House on Seven Sisters Road, N15, from Haringey council.
It will lodge plans for a £25m, 100-flat project with shops on the ground floor, to be offered at discount rents to traders at Seven Sisters Market.
Apex House is located opposite Grainger’s £75m Wards Corner scheme, where it has consent for 196 homes and 30,000 sq ft of shops and restaurants. Wards Corner was the subject of a planning battle before securing permission two years ago.
The developments are in central Tottenham, where Haringey wants to see 10,000 new homes by 2025.
Average house prices in the borough rose by 32% in the year to June, to £513,435, according to Nationwide.
David Walters, development director at Grainger, said: “With Victoria and mainline services, and a possible Crossrail 2 -station, Seven Sisters is an exciting location and this investment will further encourage people to live, work and shop in Tottenham.”
Construction is expected to begin in 2016.
