St. Modwen sells 200 PRS homes in deal worth £75m
St. Modwen has completed the forward-sale of more than 200 private rented sector homes in a deal worth £75m.
The 207 units are based at its 1,300-home mixed-use regeneration project at St. Andrew’s Park, Uxbridge.
It has sold the homes to Annington Rentals (No.4) and the sale will accelerate the delivery of future phases of the St. Andrew’s Park scheme. It will also release capital for St. Modwen to invest in build-for-sale homes which will not compete with the private rented sector housing tenure.
The overall Triangle site is a 249-apartment development spread over four blocks, which provides 207 homes for the private rented sector. The remaining 42 affordable homes were forward-sold by St. Modwen to Catalyst Housing in December 2016.
Tim Seddon, Property Director – South East, St. Modwen, said: “This forward sale is a very significant milestone for this transformational scheme as it accelerates the supply of much-needed homes whilst enabling us to release more land earlier for homes for private sale as we deliver on the overall St. Andrew’s Park vision.
“Annington will provide further diversification of homes and tenures within the St Andrew’s Park community. They join St. Modwen Homes, which is currently providing over 140 homes over two phases of the development, as well as Persimmon, which has delivered some 350 homes at St. Andrew’s Park.”
The topping-out ceremony of The Triangle with contractor, Galliford Try, took place last month and is scheduled for completion in stages between November and May 2019.
Savills Capital Markets Team acted on behalf of St Modwen, and Knight Frank on behalf of Annington.
St. Andrew’s Park is located on the site of the Battle of Britain bunker which controlled the UK’s air defence during the infamous Word War Two aerial campaign.
The Triangle site is part of St. Modwen’s wider extension to Uxbridge’s town centre within St. Andrew’s Park, with new offices and a commercial centre proposed, which is expected to create around 1,000 jobs in the area.
The homes also sit on the edge of London’s newest park, a 32-acre area of woodland and parkland along the River Pinn which is at the heart of the scheme. A new 720 pupil two-level primary school has already been delivered and is now open.
As well as being home to the Battle of Britain Bunker museum and operations room, the Grade II listed Hillingdon House sits at the heart of the park and is set to become home to a new restaurant.