L&G’s CALA Homes has been selected as the preferred partner for the redevelopment of Maidenhead Golf Club in Maidenhead.
The site, which reaches into Maidenhead town centre and stretches for 130 acres, will be able to accommodate more than 2,000 homes, 30% of which will be affordable.
Maidenhead Council, which owns the site, launched the hunt for a development partner in 2016 after the golf club gave up its remaining 24-year lease on the site. Under the agreement the club can surrender its lease between May 2019 and May 2023.
Maidenhead – Prime Minster Theresa May’s constituency – has attracted the eye of developers driven out of London by high land prices and changing planning policy. The town will be on a Crossrail route, improving its connection into London.
Legal & General paid £315m to buy our Patron Capital Partners from CALA in March 2018. The firm’s capital division, which previously acquired a 47.9% stake in the business in 2013 for £75m, now owns 100% of luxury housebuilder CALA, valuing it at £605m.
L&G said it believed CALA Homes had “attractive growth prospects” given the UK housebuilding market and that the company was performing strongly with revenue increasing threefold to £748m last year.
The acquisition of the housebuilder complemented its PRS, social housing and retirement living arms.
A development agreement between CALA and the council will be entered into in the next few months.
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