The Guinness Partnership has acquired a 100-home affordable scheme on the Grand Union Canal from Woolbro Group and Evolution Estates Developments.
Woolbro Partnerships gained consent for the scheme at 100 Beresford Avenue, Wembley, from Brent Council last year.
The consent included 50% affordable housing and 12,000 sq ft of commercial space, designed by HWO Architects. It comprises two stepped buildings of four and seven storeys on the 0.8-acre site.
Woolbro Partnerships has now completed a sale to the Guinness Partnership to fund and hold the build of a full affordable housing scheme. The partners have appointed Howarth Homes for the build, with completion anticipated in 2023.
Woolbro Group is a third-generation family business founded in 1935. The business is run by brothers Ben and David Woolman and has schemes across the UK. Vandermolen Real Estate advised Woolbro Group.
The acquisition comes amid a flurry of land deals in the wake of the pandemic, with funders focusing on mixed tenures around the outer boroughs.
Last month, Regal London acquired the 3.6-acre Euro House site for £35m from Dominvs in a deal backed by ICG Real Estate. Others are also pursuing BTR and affordable tenures with schemes from Realstar and Notting Hill Genesis in the area.
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