Buccleuch Property has sold a consented scheme in Hayes, west London, to ZX Holdings for £23m.
ZX Holdings will seek investment for the build-to-rent development and is also looking for further acquisition opportunities across the capital.
The company is owned by China House Group and DNA Real Estate, according to filings at Companies House. DNA Capital Partners are the asset managers to ZX Holdings.
The site at 233-236 Nestle Avenue has planning permission for 457 flats over four blocks. It includes 124 affordable homes and 27,400 sq ft of commercial space.
Buccleuch has assembled the secondary industrial land over two decades and gained consent from Hillingdon Council and the Greater London Authority in 2019.
Sandy Smith, development director at Buccleuch Property, said “This sale has realised a significant capital receipt for the Buccleuch Property business which, alongside other cash and existing facilities, provides a sizeable war chest for new acquisitions in a market where we see real opportunity.”
A spokesman from ZX Holdings said: “Nestle Avenue is a great location in terms of price point and proximity to Crossrail and the scheme provides for value add through detailed design.”
Savills and Carter Jonas advised Buccleuch Property; Levy Real Estate advised ZX Holdings.
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