Persimmon Homes has acquired the Capital Gate office site in Hainault, North East London, from Medina Capital for a fee in excess of £10m.
Medina Capital purchased the 50,000 sq ft office in 2024 and worked with architects Wimshurst Pelleriti to design and bring forward proposals for a residential development providing 52 three- and four-bedroom townhouses for private sale and 34 affordable apartments.
The company secured planning for the redevelopment of the three-acre plot in November 2024.
Nidal Al Khail, managing director of Medina Capital, said: “The sale of Capital Gate reflects our ability to strategically identify opportunistic sites and utilise our in-house planning expertise to unlock challenging projects by designing and securing permission for high quality schemes that bring value, moving through to exit in a short space of time. We are pleased to have gone from acquisition to planning gain and disposal within a year.
“Securing our first deal with a major housebuilder also reflects confidence in our ability and the quality of our work. Despite a challenging market for some, we remain actively committed to new land acquisitions with strong funding capabilities in place allowing us to move quickly.”
Savills acted for Medina Capital and Steele Raymond provided legal advice.
