Regal London buys site to restart stalled 184-home scheme

Regal London is planning to restart work on a 184-home development which stalled due to viability concerns.

The developer has acquired 100 Avenue Road, a site above Swiss Cottage tube station in Camden, from build-to-rent developer Essential Living.

Planning permission for 184 homes was granted for a 184-home development, commercial and community uses in 2016.

However, the scheme halted after Essential Living unsuccessfully appealed to the planning inspectorate to reduce the amount of affordable housing in the scheme, citing viability concerns in a difficult operating environment.

The original approval included 28 affordable rented units, eight intermediate homes and 18 flats for discounted market rent for 15 years. Essential Living proposed reduced this to18 flats for discounted market rent in “perpetuity”.

A spokesperson for Regal London said the developer is able to “bring forward the aspirations that were approved as part of the extant consent”.

It said: “This includes significant community facilities that the local neighbourhood has been long waiting for, alongside new affordable housing.”

>>See also: Making the case for Build-to-Rent to politicians

Regal London said it will seek to amend the permission to include a second staircase in line with government policy.

Regal London is also currently working up plans to build seven mixed-use towers on a riverside plot opposite the O2 Arena that has been vacant for more than 20 years.

Early proposals could see up to 1,365 student bedrooms, 230 homes and 400sq m of commercial space at the Orchard Wharf site in buildings up to 30 storeys in height.

Robbie Myerson, co-chief executive of Essential Living, said: ”“We are pleased to conclude the sale to Regal London and finally see this site delivered. This will allow Essential Living to recycle capital and focus on the growth of its inner London PRS investment strategy.”