Developer Montreaux has bought the Middlesex Business Centre in Southall for a massive mixed-use regeneration scheme.
The 12.4 acre site has the potential to be transformed into a 2,000-home mixed-use development with an end value in excess of £1bn.
It was being sold by private owner Michael J Hunt and Hovedean Properties, who bought the site back in 1989.
Last year, it received planning permission for 835 homes alongside 230 student beds, a 130-bedroom hotel, and more than 50,000 sq ft of office space and 25,000 sq ft of retail.
Montreaux intend to work up new plans for the site, massively increasing the density, and including affordable and rental homes, senior living facilities, a hotel, office space and ground floor retail.
David Burke, chief executive of Montreaux, said: “We are very excited to have a chance to work in Southall. The site is in a highly convenient west London location, with excellent transport links, and a strong local economy and workforce. Montreaux is well placed to unlock the potential for a first class mixed-use scheme.”
The site’s proximity to the new Crossrail station is set to be a major factor. Southall’s new station is set to a lead to a wealth of new development. On the former gasholders site, Berkeley through its St William brand has started work on the first phases of its 3,750 home redevelopment. Galliard is planning another 575 homes on a 27 storey scheme close to the station.
Interactive map: LRR subscribers can hover their mouse above each building’s location to view the site’s full history and access its LRR record.
Founded in 2014, Montreaux is an independent developer of residential and mixed-use schemes in the South East. It announced in June this year that it had secured £50m of new equity investment to deploy into new acquisitions.
Councillor Julian Bell, Leader of Ealing Council said: “We’re looking forward to continuing our transformation of Southall by working with Montreaux and other landowners to enable the development of multiple sites in the area. The developments including Middlesex Business Centre will significantly increase jobs and housing supply across Southall.”
GL Hearn acted for Montreaux.
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