Developer Regal London and global investment firm KKR have acquired a strategic new site at 340a Clapham Road in London SW9.
The site represents Regal London’s and KKR’s first development through their joint venture. Once complete, the total GDV of the scheme is expected to be in the region of £50million.
Simon De Friend, CEO, Regal London, commented:
“Ensuring that our sites are attached to wider areas of investment and regeneration is fundamental to our development strategy. 340a Clapham Road has the necessary infrastructure to support a thriving community. With the character and amenities of both Clapham High Street and Stockwell just a stone’s throw away, it is set to be a sought-after proposition for first time buyers and young professionals alike.”
Guillaume Cassou, Member and Head of European Real Estate at KKR, said:
“We are excited about our first transaction with Regal London, which comes at a time when London continues to require attractive and affordable housing, and builds on our strong track record of working with leading developers in markets around Europe.”
Christopher Shaw, CEO, Shaw Corporation Limited, added:
“Shaw Corporation Limited acting for the landowner, David Pearl’s Totsbridge Limited, secured planning permission for the redevelopment of this strategic site in June 2017 having worked collaboratively with the London Borough of Lambeth to achieve agreement on the mixed-use proposals. We are delighted that Regal London and its joint venture partner, KKR, will take this development forward and deliver our collective vision that completes the regeneration of this part of Clapham Road, providing new high-quality homes, including much needed affordable homes, and flexible workspace.”
Work is set to commence in H1 2019. Expected completion from late 2021.
KKR’s investment is being made through its Real Estate Partners Europe fund.