A special purpose vehicle owned by Germany’s Aroundtown SA is to develop a £95m residential scheme at Exchange House in Watford.
It has lodged plans for 263 market sale flats in a 5-18 storey building, with no affordable housing, which it argues would not be viable.
The development is located on a 1.3-acre site on the western border of Watford Town Centre.
It is designed by Bogle Architects. The developer hopes to pre-sell 40% of the development with a total sales programme of 15 months.
Aroundtown SA invests in commercial and residential value-add opportunities, primarily in cities in Germany and the Netherlands. It has more than €26bn in assets, of which 12% is residential. Aroundtown SA invests in residential opportunities through its interest in Grand City Propeties SA.
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