New Residential Development in North London won by L&Q
Posted on: 03/01/2015

L&Q, one of the UK’s leading housing associations and one of London’s largest residential developers has signed a deal with Development Securities to fund a £150m residential scheme in North London, which is estimated to gain them £12m profit over the next three years alone.

The two organisations hope to achieve the construction of 183 apartments at 399 Edgware Road, the former site of Oriental City, with L&Q funding the construction and delivery and Development Securities acting as development manager for the project.

Jerome Geoghegan, group director of development and sales at L&Q said “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”.

In addition to the influx of new housing the site will also see the addition of a newly built supermarket Morrisons next year, as well as a car park, a two-form entry primary school and a 56,000ft2 retail outlet. Michael Marx, chief executive of Development Securities has said that this is a substantial transaction for the company, “the funding of the residential quarter and the Morrisons food store (…) could realise combined profits of up to £17m in the near-term to the company from this previously non-income producing asset.”

This scheme is part of a series of planned changes that are set to transform some of London’s less developed areas, maximising the cities potential for residential and retail environments for 2015.

We are currently looking to fill a position for a Senior Electrical Design Engineer for one of our clients who are renowned for their international work on prestigious residential projects in the UK such as this, if you would like more information about this company and role please click click here.

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