Property firms L&Q and Development Securities have entered into a partnership to deliver the new £150m regeneration project at 399 Edgware Road in north west London.
The planned residential quarter, which is currently a vacant site, will include 183 apartments and townhouses for private sale set around landscaped gardens as well as cafes, shops and restaurants and a two-form entry primary school.
In addition, a new Morrisons supermarket and retail units are now under construction and set to complete in September 2015. The residential development is anticipated to start on site in summer 2015.
Jerome Geoghegan, group director of development and sales at L&Q, said: “This agreement will help create a vibrant new quarter in north west London, bringing together an exciting mix of new retail, community and educational facilities with the additional homes that London so desperately requires.”
Analysts at Peel Hunt said the partnership seemed “a very good deal” for Development Securities, pointing out that although the short terms profits are in-line with the current management guidance, “just a couple of years ago this asset wasn’t expected to produce any profit and management were considering exiting at cost”.
Development Securities’ shares closed up 0.3 per cent yesterday.