Regal London has entered into a £85m affordable homes partnership with Brent Council at its Fulton & Fifth development in Wembley.
The council has agreed to purchase 294 units at the scheme, which is due to complete in 2026, to boost its supply of affordable homes. Thanks to the deal 40% of the 876 homes at the mixed-use scheme will be offered as affordable to local households.
The development is being built on the old Euro Car Parts HQ, which was acquired last year through a structured transaction by LaSalle Investment Management. Regal London has retained LaSalle IM as development manager.
Marc Eden, investment director at Regal London, said “We are pleased to be playing a role in delivering Brent’s local housing needs. The allocation of affordable homes at Fulton & Fifth is a true testament to the council’s commitment to understanding the needs of its people. What we’re offering in terms of live, work and play at the site is going to set a new benchmark for the area and we look forward to welcoming everyone home in the coming years.”
Councillor Promise Knight, cabinet member for housing, homelessness and renters’ security at the London Borough of Brent, added: “We are delighted to be working in partnership with Regal London on this venture. We are committed to creating more affordable homes for Brent residents. The 294 affordable homes in this development are part of that commitment. Residents deserve to live in a borough that is not only fairer and more equal, but greener and more sustainable, and this was at the heart of what Brent planners set out to achieve with Regal London.”
Blake Loveless, head of value-add investments at LaSalle, said: “Fulton & Fifth demonstrates how developers and councils can work together to provide much needed affordable housing. We are grateful to be working with the council to help fulfil its broader mission and meet its targets.”
