British developer Regal London has acquired a site at Watford to develop a £150m mixed-use residential and office project.
This site at 37-39 Clarendon Road has planning approval for 168 homes as well as 150,000 ft2 of substantial grade A office space.
The 25-storey residential building will feature studios, one-, two- and three-bedroom homes.
Besides, the development will incorporate sustainable features, targeting a BREEAM Outstanding certification.
The office space targets Cycling Score, Wired Score and Well Building Standard certification to ensure the wellbeing of future staff.
“In line with its Corporate Sustainability Strategy, Regal London will be going beyond the minimum biodiversity net gain requirements through high quality design,” stated the developer.
Works have started on-site this month, with the office and residential elements expected to be occupied in spring 2024 and autumn 2024, respectively.
Regal London co-founder Paul Eden said: “This acquisition comes during a particularly active period for Regal London, which has seen us secure new sites and planning permissions across the city that complement our strategic growth ambitions whilst creating substantial social and economic benefits to the surrounding area, including hundreds of jobs.”
The developer anticipates the project’s construction phase to support up to 380 full time jobs.
Upon start of operations, it expects another 1,200 direct jobs through the commercial floorspace and community uses.
Furthermore, the development will offer 120 training opportunities on-site through the Regal London Real Estate Academy, in collaboration with charity Building Heroes, during the construction period.
The project will receive an overall planning obligation package of over £4.6m, including an affordable housing financial contribution of £2m.