DTZ Investors exchanges on the sale of a major Build to Rent development site in Wandsworth
DTZ Investors has exchanged contracts to sell a major residential-led site to Legal & General’s Build to Rent Fund, PGGM and Legal & General Capital.
DTZ Investors achieved planning consent to demolish the existing Homebase store on Swandon Way and replace it with 385 apartments and 25,000 sq ft of office, retail and community space. The consent was granted by the Mayor of London in June 2017, following DTZ Investors successfully lobbying the GLA to take-over the planning application after unsuccessful approaches to the London Borough of Wandsworth.
The development will provide much needed high-quality housing provision which will make a significant contribution to Wandsworth’s housing target. A tremendous amount of consideration was given to the scheme and through working closely with the GLA, a viable and policy compliant consent was achieved which maximises the density of development on the site. Legal & General will now take-forward the delivery of this flagship BTR development.
Peter O’Gorman, Senior Director at DTZ Investors, said: “We are delighted with this result, which follows 5 years of hard work from our project team at DTZ Investors. Securing the residential consent and executing the subsequent sale is yet another example of DTZ Investors’ ability to unlock significant value through optimisation of land use, having successfully achieved planning consents for several hundred residential units across London in recent years. We wish Legal & General every success with taking the development forward”.
DTZ Investors were advised by JLL.