Regal London has finalised the acquisition of a significant development site with Essential Living at 100 Avenue Road above the Swiss Cottage underground station, Camden, UK.
The financial details of the acquisition have not been disclosed.
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Essential Living co-CEO Robbie Myerson said: “We are pleased to conclude the sale to Regal London and finally see this site delivered. This will allow Essential Living to recycle capital and focus on the growth of its inner London PRS [private rented sector] investment strategy.”
Planning permission was granted in 2016 for the development of 184 affordable homes, commercial spaces, and community amenities at the site.
Basement construction was completed when the planning permission was implemented, however, additional work remained dormant for some time.
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Regal London is set to continue the project, aiming to fulfil the original goals of the existing consent.
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By GlobalDataRegal London investment director Marc Eden said: “As a business with its roots and heritage in Camden, Regal London are committed to bringing to bear our local knowledge and passion to delivering 100 Avenue Road. Our reputation is built on delivery, which is particularly important for projects such as this one that have been stalled for a significant period.”
The company highlighted the necessity of efficient and thoughtful construction management to minimise disruption to the local community throughout the development phase.
The developer’s integrated business model allows for complete oversight of the development’s progress.
Regal London has several projects in Camden such as the recent proposal for 100 Chalk Farm Road and the ongoing partnership with 4C Group on Jamestown Road.
In 2021, the company acquired a site at Watford to develop a £150m ($190.78m) mixed-use residential and office project.
