The London Borough of Redbridge has sold the 1.3-acre multi-storey Ley Street Car Park site in Ilford to property developer Q Developments for £8.35m.
The prime development site, which is located 0.5 miles from Ilford station, will sit within a designated Tall Building Zone and has been allocated for residential development by the London Borough of Redbridge.
Q Developments intends to deliver 550 purpose-built student accommodation units, 200 build-to-rent units and 60 C3 residential units on the site.
Michael Dakin, land director at Q Developments said: “We are delighted with the acquisition of this key gateway site within the rapidly growing Ilford town centre. This strategic purchase positions us to contribute to the ongoing regeneration of the area. Building on the positive outcome of our pre-application discussions, we are preparing to submit a planning application in May 2025.”
James Barton, head of City and east land at Knight Frank, which acted on behalf of the local authority on the sale, added: “The sale of Ley Street Car Park represents a significant opportunity for residential development in a rapidly evolving part of London. The site’s excellent transport links, including Elizabeth Line connectivity, combined with its location in Ilford’s town centre, make it an extremely attractive proposition for development.
“This sale demonstrates the continued confidence in Ilford’s development potential, supported by strong house price growth in the borough, which outperformed the London average with a 4.4% increase in the 12 months to January 2023.”
