Regal Homes and ESO Capital Group have bought a prime King’s Cross residential development site that was assembled over more than a decade by developer Groveworld.
The joint venture partners have paid close to £50m for the 0.8-acre plot at 130-154 Pentonville Road, N1, almost £10m over the asking price quoted by Savills. The site has planning consent for 118 flats, 20 of which are affordable, and has an estimated gross development value in excess of £125m.
The consent includes new premises for the site’s current tenant, Europcar.
Work on the Pollard Thomas Edwards-designed scheme is expected to complete in phases from spring 2018.
Regal Homes chief executive Simon De Friend said the company was targeting sites close to wider areas of investment and regeneration.
“The Pentonville Road site has the necessary infrastructure to support a thriving community, with all the excitement and amenities of both King’s Cross and Islington,” he said.
The acquisition comes as Regal strengthens its London team with the appointment of Paul Delaney as chief operating officer and Damien Cartmell as production director.
Both Delaney and Cartmell join from United House, which recently sold off its London residential portfolio to Telford Homes.
