Avanton, in partnership with ICG, has received planning consent for a £260m ($331.98m) residential scheme in Richmond, UK, marking a milestone after a five-year planning process.
The project, which will offer 453 homes on Manor Road, will dedicate 40% of its units to affordable housing.
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The five-acre site, previously occupied by retailer Homebase, is set to be transformed into four buildings of three to 11 storeys.
Avanton acquired the property from British Land in 2018 for close to £45m.
The initial planning application, submitted by Avanton in 2019, faced rejection by the local council.
However, previous UK housing secretary Robert Jenrick called in the scheme and granted its approval in October 2020, contingent on a Section 106 agreement.
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By GlobalDataThe development aims for a Building Research Establishment Environmental Assessment Method (BREEAM) Excellent rating.
Avanton CEO Omer Weinberger said: “Avanton is delighted to have secured planning permission for the redevelopment of this rare site. When it was purchased in 2018, still as an operating Homebase, the market was different and the scheme-awarded planning withstands the test of time, with classical brick design and lots of communal outdoor space.
“The excellent transportation links into central London and the immediate surrounding of the site, being some ten minutes’ walk to Richmond Park or Kew Gardens, make this probably the best mid-market housing location in West London. It will be very satisfying to see the site being demolished shortly and construction commencing later in the year, finally.”
Last year, Avanton and its partner investor Canada Israel secured planning permission for a 515-home tower as part of the regeneration of the site formerly known as Wembley Point, near Stonebridge Park train station.
This development features three buildings, with a 32-storey tower clad in glass and terracotta at its core.
