Dunmoore has signed a £11m forward-funding agreement with RHP Group for the development of 33 affordable homes in Isleworth, West London.
The homes are the first phase of Dunmoore’s £80m redevelopment of the three-acre Wireless Factory site on Fleming Way, which will see more than 230 new homes delivered.
Tomas Souto, managing director of Dunmoore, said: “We are delighted to start the transformation of the Wireless Factory after 18 months of working with RHP and the local authority. This forward-funding deal with RHP gives us the opportunity to bring forward high-quality, sustainable homes for local people. It also justifies our decision in the post-Covid world to transform spaces for working into spaces for living.
“The sale supports the government’s aim in the recent budget to deliver the biggest increase in social and affordable housebuilding in a generation and its commitment to support councils and housing associations to build their capacity and make a greater contribution to affordable housing supply.”
Cameron Smith, director of Mayfair Private Office, which advised Dunmoore on the deal, added: “In a very challenging climate, it was a fantastic result to repurpose underutilised office into affordable housing. Dunmoore is passionate about designing and delivering spaces that people want to spend time in. This is reflected across everything they do and led to the funding of the first phase. They are very excited about launching the next phases soon.”
Rob Cummins, head of new dusiness and regeneration at Richmond Housing Partnerships, said: “We’re delighted to be acquiring this site from Dunmoore, which is going to help us deliver more much needed affordable and sustainable homes in the Isleworth area. We’re pleased to be able to bring new life to a disused space, helping us fulfil our purpose of providing safe, secure homes – opening the door to life opportunities.”
