The Hyde Electrical Works, Colindale, has been acquired by London Square’s Square Roots and Federated Hermes for 100 per cent affordable homes.
London Square’s Square Roots and the international business of Federated Hermes’ Hestia brand will work together to deliver the homes. The site in Edgware Road, Colindale, has been acquired from Telereal Trillium and forms the first phase of a wider plan for the mixed use, residential-led development, with a total of 505 homes. This will be the seventh site for Square Roots, the affordable housing provider launched by London Square earlier this year.
Full planning permission has been granted by the London Borough of Barnet for the first phase, designed by Carey Jones Chapman Tolcher, with 244 new homes as well as 193 sq m of flexible commercial space. Square Roots and Hestia will deliver all 244 apartments as a mix of London affordable rent and shared ownership.
The site, which had been occupied by a car showroom, warehouses and a car park, was cleared by Telereal Trillium before being marketed by Savills. Colindale has emerged as an increasingly popular, well-connected location in north-west London, with quick access to central London via the underground, national rail at Hendon, road and cycle networks.
Adam Lawrence, Chief Executive, London Square, said:
Square Roots will be delivering 100 per cent well designed affordable homes in a scheme that will enhance the local area. Colindale is an excellent location with good transport links to provide homes where people working in London will want to live. Square Roots now has seven sites in Greater London, which will deliver over 800 affordable homes, reflecting London Square’s commitment to investing in the capital over the next 10 years.
Will Gibby, Director, Fund Management, at the International business of Federated Hermes, said:
The Hyde is another exciting scheme for our growing Hestia residential platform and reflects our approach of delivering high-quality, affordable, mid-market homes while also making a meaningful contribution to communities and delivering sustainable, long-term returns. We look forward to continuing our work with London Square to deliver such an exciting, well-located development.
Jonny Pitts, Planning & Disposals Director at Telereal Trillium, said:
We have worked hard to develop a new vision for this site in the heart of Colindale and believe we have found the right buyers in London Square and Hestia to bring forward the first phase of its comprehensive development. There is a fantastic opportunity here to meet local demand for affordable homes and create a thriving new community alongside new and well-established, existing employment space.
Savills acted on behalf of Telereal Trillium and have provided strategic advice on the site for a number of years. TT&G advised Hestia and London Square.
Sean Cooper, of Savills London Land team, said:
The consented scheme was widely recognised to have been well designed and the site is situated in a location set to emerge as a really attractive residential neighbourhood. We have witnessed real depth in the land market coming out of the Covid-19 pandemic and strong demand for quality assets like this.