Scottish real estate group Buccleuch Property is looking to sell a London site which could be worth up to £200 million once developed.
Buccleuch, which represents the commercial property interests of the Duke of Buccleuch, is marketing the residential-led site in Hayes, west London, to potential buyers after securing planning permission.
The 3.7 acre site at Nestles Avenue currently consists of industrial buildings but now has detailed planning permission for 457 residential units along with commercial space. Once developed, the scheme is estimated to have a gross development value of £190-200 million.
Buccleuch said Hayes and its surrounding areas are experiencing significant regeneration and inward investment, brought about in part by the arrival of Crossrail. The site is located within 150 metres of Hayes & Harlington station, which is due to operate Elizabeth Line services from mid 2021, providing easy access into central London with a journey time of less than 20 minutes.
Sandy Smith, development director at Buccleuch Property said: “Having recently secured detailed planning consent for an excellent scheme on top of a Crossrail station it is now time to realise our investment in this site and for it to realise its potential to deliver much needed private and affordable housing into the London market.”
Rob Pollock, director of Savills, added: “With the improved market sentiment following the general election, we anticipate that an opportunity of this scale and price point will appeal to a broad spectrum of developers. Its location, coupled with the regeneration opportunities make this an exceptional opportunity to deliver a development in a market where some of the strongest occupier demand exists.”
Buccleuch Property, which has offices in Edinburgh and London, has a UK-wide investment portfolio, a commercial development pipeline in excess of two million sq ft and a strategic land portfolio with over 10,000 consented housing units.
