Barratt Developments has bought a major site close to “Millionaires’ High Road” in north London with consent for 70 homes.
The housebuilder has agreed to buy WellGrove London, close to Totteridge Lane, N20, which is home to numerous multi-millionaires.
Daniel Watney sold the site on behalf of the Central Gospel Hall Trust for £27m.
The six-acre plot has consent for 62 houses and eight flats, including on-site affordable housing, which will comprise seven shared-ownership homes and 13 homes for affordable rent.
It is currently occupied by a 500-seat meeting hall and car park, a pair of bungalows and temporary school buildings.
The consented scheme has a gross development value in the region of £55m, according to local residential agents.
Daniel Watney senior partner John Harding said: “This is a rare gem of a development opportunity in a prime location largely untouched by the London-wide drop off in top-end prices. The sale price represents a timely exit for the seller while offering the buyer excellent potential returns, without any planning risk.”
