Tristan Capital Partners’ EPISO fund, in partnership with Addington Capital, has sold a mixed-use site with consent for 447 resi units to Strawberry Star Group.
The site, in Harlow, Essex, is expected to have GDV of £244m and was sold for just over £15m. It sits alongside the joint venture’s Harvey Shopping Centre.
Addington secured planning permission for the site, which was previously a shopping mall. The plans include four new stand-alone blocks comprising 447 homes and around 40,000 sq ft of retail space, with below-podium car parking.
Above the podium there are planned landscaped private amenity areas.
Jeremy Bullock, director at Tristan Capital Partners, said: “We saw a real potential to transform this part of the town, which had long needed investment, by creating nearly 450 new homes in an attractive setting.
“Addington and Tristan have been early movers in the repurposing of underperforming shopping centre space and with the shortage of quality housing in the area, we believe this will provide benefits to all.”
Martin Roberts, principal of Addington Capital, said: “We were offered a good price for the site and wish Strawberry Star well in progressing the redevelopment. We will continue to intensively asset manage the rest of the shopping centre in the meantime.”
Santhosh Gowda, chairman of Strawberry Star Group, said: “The Harlow site is an important investment for Strawberry Star, as it is the next step to realising our vision of delivering volume housing vision for Londoners, especially first-time buyers.
“This site is part of our long-term strategy to deliver 4,000 new homes by 2025. Massive regeneration in Harlow is driving local demand for quality housing. We intend to provide homes at prices which are achievable to home buyers who have been priced out of London.
“The Harlow site is our second mixed-use development in the London commuter belt. Work on our first scheme, LU2ON, will commence in May 2019, creating more than 785 apartments in Luton.”
Strawberry Star Homes focuses on zones 3-9 and popular commuter belts where the demand for homes is rapidly increasing.
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