Medina Capital Investments has acquired the Capital Gate office building in Hainault from an entity registered in the British Virgin Islands for an undisclosed sum.
The vacant 50,000 sq ft two-storey office building sits on a three-acre plot and has been allocated for residential development in Redbridge’s adopted local plan, with various pre-application schemes previously proposed of up to 130 units.
Medina Capital Investments intends to submit a planning application for a residential scheme comprising circa 50 family houses and 40 apartments by Q3 2024.
Nidal Al Khail, managing director of Medina Capital Investments, said: “Capital Gate represents a prime opportunity to transform a tired office block with inefficient land use into a new family-led residential community that meets the housing needs of the local borough. While previous applications have focused on higher rise apartment blocks, we firmly believe that a low rise, house-led approach will bring more value to the local area.
“We are actively looking for similar commercial asset acquisitions where we can utilise our in-house planning expertise to unlock value and deliver much needed new accommodation, particularly houses, in turn breathing new life into suburban areas.”
Medina Capital Investments was advised by Realea and Savills on the deal.
