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London , 4th September 2012 - Jones Lang LaSalle Residential has agreed the sale of two prime London development sites for a total of over £40m. Both Hampstead Reach and Goldhawk Road had planning permissions in place for residential schemes and have both been purchased by Registered Providers of Affordable Housing - Affinity Sutton and One Housing Group respectively.
Hampstead Reach, a residential development site on the Finchley Road between Hampstead and Golders Green has been granted planning permission for 80 new homes that will comprise a mixture of townhouses and apartments, 15,000 sq ft of commercial office space and 110 car parking spaces. Affinity Sutton intend to build out the existing consent to provide 60 private and 20 affordable homes due for completion in early 2014.
The former Goldhawk Road Industrial Estate, located in Brackenbury Village between Hammersmith and Shepherd’s Bush (marketed jointly by Jones Lang LaSalle and Savills) has received planning permission for 24 townhouses, 33 apartments and 16,000 sq ft of commercial office space as well as 61 car parking spaces. One Housing Group are expected to deliver the scheme for completion in 2014.
Tim Wright, Lead Residential Director at Jones Lang LaSalle commented: “These two high profile acquisitions by Affinity Sutton and One Housing Group clearly demonstrate the growing trend of Registered Providers who are moving into private development in order to generate profits to subsidise their affordable housing provision. We are currently seeing these organisations competing very strongly for development sites in good residential locations across London for which these sites are.”
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