Buccleuch Property has sold a consented scheme in Hayes, west London, to ZX Holdings for £23m
Date of Article
May 04 2021
Sector
Planning & Development

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George has 25 years’ experience advising predominantly public sector clients on the use of their land and powers to deliver major developments.  This has included advising on the procurement of development partners for the delivery of major schemes including the High Street Quarter in Hounslow, Coronation Gardens in Leyton and Victoria Square in Belfast.

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Having previously secured planning consent for the scheme on behalf of Buccleuch Property, we acted as joint agents on the sale. The site at 233-236 Nestle Avenue has planning permission for 457 flats over four blocks. 

It includes 124 affordable homes and 27,400 sq ft of commercial space. Buccleuch has assembled the secondary industrial land over two decades and gained consent from Hillingdon Council and the Greater London Authority in 2019.

ZX Holdings will seek investment for the build-to-rent development and is also looking for further acquisition opportunities across the capital.

Sandy Smith, development director at Buccleuch Property, said: “This sale has realised a significant capital receipt for the Buccleuch Property business which, alongside other cash and existing facilities, provides a sizeable war chest for new acquisitions in a market where we see real opportunity.”

A spokesman from ZX Holdings said: “Nestle Avenue is a great location in terms of price point and proximity to Crossrail and the scheme provides for value add through detailed design.”