ST. MODWEN SELLS PRIVATE RENTED SECTOR DEVELOPMENT IN UXBRIDGE FOR £75 MILLION TO ANNINGTON

St. Modwen has completed the forward-sale of 207 private rented sector (PRS) units at its 1,300-home mixed-use regeneration project at St. Andrew’s Park, Uxbridge, to Annington for £75 million. The sale will accelerate the delivery of future phases of the St. Andrew’s Park scheme and releases capital to invest in build-for-sale homes which won’t compete with the PRS housing tenure.

The overall Triangle site is a 249-apartment development spread over four blocks which will provide 207 homes for the Private Rented Sector, with the remaining 42 affordable homes were forward-sold by St. Modwen to Catalyst Housing Limited. St. Andrew’s Park is located on the site of the former RAF Uxbridge base that includes the Battle of Britain Bunker, which controlled the UK’s air defence during the WW2 encounter. The Triangle site is part of St. Modwen’s wider extension to Uxbridge’s Town Centre within St. Andrew’s Park, with new offices and a commercial centre proposed, which is expected to create around 1,000 jobs in the area.

The homes also sit on the edge of London’s newest park, a 32-acre area of woodland and parkland along the River Pinn which St. Modwen has provided at the heart of the scheme. A new 720 pupil two-level primary school has already been delivered and is now open.

Tim Seddon, Property Director – South East, St. Modwen, said: “This forward sale is a very significant milestone for this transformational scheme as it accelerates the supply of much-needed homes whilst enabling us to release more land for homes for private sale as we deliver on the overall St. Andrew’s Park vision.
“Annington will provide further diversification of homes and tenures within the St Andrew’s Park community. It joins St. Modwen Homes, which is currently providing over 140 homes over two phases of the development, as well as Persimmon, which has delivered some 350 homes at St. Andrew’s Park.”

The topping-out ceremony of The Triangle with contractor, Galliford Try, took place last month and the apartments are scheduled for completion in stages between November and May 2019.

St. Andrew’s Park has a rich history as the former RAF Uxbridge. As well as being home to the Battle of Britain Bunker operations room and museum, the Grade II listed Hillingdon House sits at the heart of the park and is set to become home to a new restaurant.

Savills Capital Markets Team acted on behalf of St Modwen, and Knight Frank on behalf of Annington.