KKR and Regal London, a UK developer, have acquired a new site in London that will become a mixed-use, residential-led development. No financial terms were disclosed. Work on the project is set to begin in 2019 and be completed in late 2021.
London, 17 October 2018 – Leading developer Regal London, and joint venture partner KKR, a leading global investment firm, have acquired a strategic new site at 340a Clapham Road, SW9, situated between Stockwell and Clapham North. The site represents Regal London’s and KKR’s first development through their joint venture. Upon completion, the total GDV of the scheme is expected to be in the region of £50million.
The brownfield site (formerly a tool hire depot), will become a vibrant mixed use, residential-led development, set to total 94,740 sq ft (GIA). It will deliver 62 one, two and three bedroom apartments – 12 of which will be available for Shared Ownership – spread over nine floors. The ground and lower ground floors will comprise approximately 18,250 ft² (GIA) of flexible B1/A1 commercial space. Planning permission was granted in June 2017 following a collaborative working relationship with the London Borough of Lambeth.
With a high quality and contemporary design, both of which are hallmarks of every Regal London scheme, the development will complement the surrounding streetscape of new build and period properties. Every apartment will benefit from a private balcony, while residents will also have access to communal gardens and a roof terrace.
An established network of transport links is within easy reach of the development, with Stockwell Underground Station just 0.2miles away, as well as Clapham North Underground Station and Clapham High Street Overground Station both within a short walk.
A thriving social and leisure scene is also nearby, led by the bars, pubs, restaurants and cafes, as well as a selection of amenities, in situ along the lively Clapham High Street and its surrounds.
Simon De Friend, CEO, Regal London, comments:
“Ensuring that our sites are attached to wider areas of investment and regeneration is fundamental to our development strategy. 340a Clapham Road has the necessary infrastructure to support a thriving community. With the character and amenities of both Clapham High Street and Stockwell just a stone’s throw away, it is set to be a sought-after proposition for first time buyers and young professionals alike.”
Guillaume Cassou, Member and Head of European Real Estate at KKR, adds:
“We are excited about our first transaction with Regal London, which comes at a time when London continues to require attractive and affordable housing, and builds on our strong track record of working with leading developers in markets around Europe.”
Christopher Shaw, CEO, Shaw Corporation Limited, comments:
“Shaw Corporation Limited acting for the landowner, David Pearl’s Totsbridge Limited, secured planning permission for the redevelopment of this strategic site in June 2017 having worked collaboratively with the London Borough of Lambeth to achieve agreement on the mixed use proposals. We are delighted that Regal London and its joint venture partner, KKR, will take this development forward and deliver our collective vision that completes the regeneration of this part of Clapham Road, providing new high quality homes, including much needed affordable homes, and flexible workspace.”
Work is set to begin on site at 340a Clapham Road in H1 2019. Completions are expected to be from late 2021.
KKR’s investment is being made through its Real Estate Partners Europe fund.
About Regal London
Regal London is a privately held property development firm which has been delivering outstanding mixed used developments in the London market since 1998. The company has over 475,000 sq ft of high quality commercial space completed and underway, as well as 3,250 residential units, ranging from eight-bedroom luxury houses to chic city apartments, all of which have Regal London’s hallmark of quality, with superior specifications and customer service.
KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate and credit, with strategic manager partnerships that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. For additional information about KKR & Co. Inc. (NYSE:KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.