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Screen capture of the 399 Edgware Road development website at www.399edgwareroad.co.uk in May 2013.

Screen capture of the 399 Edgware Road development website at www.399edgwareroad.co.uk in May 2013.

23. May 2013

399 Edgware Road

Address:
399 Edgware Road, London NW9 0JJ
Type:
Mixed use
Completion:
2018
Flats:
180
Viewed:
6933

Description of 399 Edgware Road

399 Edgware Road is a mixed use development on a seven-acre site in London NW9.

PHASE 2
The second phase of 399 Edgware Road will deliver over 180 new mid-market homes in partnership with L&Q, as well as space for Brent Council to build a new primary school and nursery.

PHASE 1
The first phase of this £150 million project is anchored by an 80,000 sq. ft. food store which was pre-let to Morrisons. Completed in 2016.

- A total of over 700 full time equivalent jobs in a variety of roles, including 300 in a new ‘Fresh Format' Morrisons foodstore
- A contemporary and unique architectural landmark for Edgware Road
Space for Brent Council to deliver a two-form entry primary school, with nursery provision
- 183 new apartments and townhouses for private sale, including family housing
- A revitalised oriental and far eastern retail area, including a restaurant, foodcourt and specialist grocers
- 590 parking spaces for retail and residential use, plus 501 cycle spaces
- Improvements to the environment and streetscape along Edgware Road, Grove Park and Airco Close

Source:
Development website www.399edgwareroad.co.uk 23.05.2013

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Buildington Rating & Notes

News & Comments: (4)

Buildington
2016/03/22 08:56

First phase of 399 Edgware Road construction has completed, reports McLaren Construction.

Property regeneration specialist U+I has reached a significant milestone for its mixed-use project 399 Edgware Road with contractors McLaren, with the first phase of construction now complete. Once finished, the development will transform the formally derelict seven-acre site into a vibrant new space and community hub in North West London, whilst also creating an architectural landmark on Edgware road, setting a new benchmark for regeneration in the area.

The first phase of this £150 million project is anchored by an 80,000 sq. ft. foodstore which was pre-let to Morrisons. The remainder of phase one comprises 50,000 sq. ft. of retail and restaurant space and an extensive newly landscaped public realm. With the retail and restaurant space to be operated by leading Oriental and Far Eastern leisure companies, Loon Fung and Royal China Group, the development will deliver a dynamic new retail concept for the area.

The second phase of 399 Edgware Road will deliver over 180 new mid-market homes in partnership with L&Q, alongside space for Brent Council to build a new primary school and nursery.

Construction of phase two is due to start within the next month and complete in Q3 2018.

Matthew Weiner, CEO of U+I said: “Today’s announcement regarding one of our larger regeneration projects perfectly demonstrates our approach to mixed-use development. We have delivered significant value by transforming an overlooked but well-connected site in suburban London into a vibrant new community. The development of phase one of 399 Edgware Road has delivered a new retail destination for the local area and the second phase will add much needed homes and educational facilities, creating over 700 new jobs for Brent.”

Steve Hart, Managing Director of McLaren Construction – London said: “McLaren have delivered what will be an asset to Brent Council and the local community, and are pleased to have successfully completed a new retail destination as part of the first phase of significant regeneration in the area.”

Buildington
2014/12/22 20:57

Development Securities and L&Q have entered into a partnership to deliver the residential quarter at 399 Edgware Road, a £150 million mixed-use regeneration project in North West London.

Under the terms of the partnership, L&Q will fund the construction and delivery costs for the development of 183 apartments and town houses, with Development Securities acting as development manager. Sales profits generated through the joint venture will be split between Development Securities and L&Q, and the deal is anticipated to generate total profits of up to £12.0 million to Development Securities over the next 3 years.

The funding agreement will release an initial and immediate land receipt of £16.0 million to Development Securities, generating profits of £4.0 million above the current book value of this element of the scheme. Development Securities will manage the construction, marketing and sales of the residential units which are anticipated to be completed in Q3 2017. Once the construction and sales of the residential units have completed, Development Securities will receive a performance fee and a profit share of approximately £8.0 million.

The funding agreement announced today follows on from the announcement last month in respect of the funding of the Morrisons foodstore at 399 Edgware Road, which generated a £10.0 million land cash receipt to the company and will generate profits of c.£5.0 million in the next 12 months once construction is completed.

Michael Marx, Chief Executive, Development Securities PLC said: "Today's announcement demonstrates further excellent progress at 399 Edgware Road and a significant transaction for the Company. The funding of the residential quarter and the Morrisons foodstore have together released £26.0 million of cash, equal to the book value of the entire scheme. These phases could realise combined profits of up to £17.0 million in the near-term to the Company from this previously non-income producing asset.

"The construction of these two phases of the project is now underway and once complete will deliver a flourishing legacy for the local community, with a comprehensive new mixed-use regeneration scheme on land that was previously vacant and derelict."

Jerome Geoghegan, Group Director of Development and Sales at L&Q, said: "We are delighted to be working in partnership with Development Securities to develop much needed, high quality homes at this landmark site. 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."

Planning permission was secured in May 2013 for the redevelopment of 399 Edgware Road in North West London, to transform a 7-acre derelict site into a vibrant new mixed-use community. The development will deliver a large format Morrisons food store with a 368-space car park, a new 56,000 sq. ft. oriental and far eastern retail and leisure quarter, a new residential community with a mix of 183 apartments and townhouses as well as a two-form entry primary school.

Source: Development Securities www.developmentsecurities.co.uk

Buildington
2014/11/21 22:39

Development Securities has announced that it has signed a £41.0 million agreement with clients of Aberdeen Asset Management to forward-fund the development of an 81,000 sq. ft. food store at 399 Edgware Road.

The food store, pre-let to Morrisons, will anchor the £150 million mixed-use regeneration scheme and represents the first stage of development at this significant non-income producing legacy asset.

The funding agreement will release £10.0 million of cash immediately for the land cost of the development site and a further £2.8 million in respect of costs incurred to date since planning was achieved. The construction of the Morrisons food store is now underway with practical completion anticipated in September 2015. Upon the successful delivery of the food store, Development Securities will receive an estimated balancing payment of £5.0 million, representing a profit over the £10.0 million book value of this element of the project.

Planning permission was secured in May 2013 for the redevelopment of 399 Edgware Road in North West London, to transform a 7-acre derelict site into a vibrant new mixed-use community. The first phase of development will deliver a large format Morrisons food store with a 368-space car park and a new 56,000 sq. ft. oriental and far eastern retail and leisure quarter comprising restaurants, public realm and shops. The second phase will deliver a new residential community with a mix of 183 apartments and townhouses as well as a two-form entry primary school.

Progress is now also advanced with regard to the delivery of the retail space and residential quarter which are held at a combined book value of £17.0 million.

Michael Marx, Chief Executive, Development Securities PLC said: “Today’s announcement marks a significant milestone in the development of 399 Edgware Road, a mixed-use community asset which will leave a strong and positive legacy for all those who live and work in this part of London. It is something of which we can be very proud.

The funding for the food store unlocks the first phase of development and will immediately return a significant amount of cash to the business with a future profit from this phase also to flow. We are also making good progress on the delivery of the residential and retail elements of the scheme which are set to realise further significant gains for the Company, and anticipate good news in this respect in the near-term.”

Source: Development Securities

Buildington
2013/05/23 12:13

Development Securities today announces that it has secured Resolution to Grant Planning at its seven-acre development site at 399 Edgware Road, North West London, for a £150 million, mixed-use regeneration scheme.

The positive planning news today follows on from the announcement that the 80,000 sq. ft. foodstore that will anchor the scheme has been pre-let to Morrisons on a 35-year lease. The consented scheme will also include 183 private residential units, over 50,000 sq. ft. of retail and restaurant space, new public realm and a primary school that will transform this currently derelict site and create a vibrant new mixed-use community. The scheme is now being marketed for funding and start on site is anticipated in September 2013.

The announcement also follows on from recent news regarding the £11.4 million sale of a 19-acre residential site in Broughton near Chester to a housebuilder. The combined progress at Broughton and 399 Edgware Road, two of the Company’s most significant non-income producing legacy assets, will allow a substantial amount of cash to be released over the next 18 months.

Michael Marx, CEO, Development Securities said: “We are very pleased to have secured planning at 399 Edgware Road, a scheme that demonstrates our strategy of creating value through the regeneration of redundant and undervalued real estate.

It has been a priority for us for several years to unlock cash from our non-income producing legacy assets and the progress announced today is a significant step forward in this regard. We look forward to announcing positive news concerning the funding and delivery of this scheme in the near-term.”

Source: Development Securities www.developmentsecurities.co.uk 23.05.2013

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