On behalf of Buccleuch Property, Savills and Carter Jonas, have completed the disposal of 233-236 Nestle Avenue in Hayes, West London. The purchaser was ZX Holdings, represented by Levy Real Estate.
After a full open market campaign, the deal was closed at £23,000,000.
233-236 Nestle Avenue is located in Central Hayes, within 150 metres of Hayes & Harlington station which is set to benefit from the Elizabeth Line (Crossrail). The Elizabeth Line will cut journey times from Hayes & Harlington into Central London and beyond, with estimated travelling times being 20 minutes to Bond Street and 34 minutes to Canary Wharf.
The site, which extends to 1.5 hectares (3.7acres), has detailed planning permission to create a high quality, mixed-use development designed by award winning architects, Farrells. Permission comprises 457 residential units, over four blocks, of which 124 will be affordable, and 2,545 sqm of commercial uses (A1, A3 & B1).
Sandy Smith, Buccleuch Property Development Director says:
“Having assembled this secondary industrial estate as a strategic development site almost 20 years ago and then working collaboratively with the GLA and the London Borough of Hillingdon to obtain planning in 2019, we are delighted to have completed the sale to ZX Holdings for £23 million. Notwithstanding the challenging conditions, it has been a pleasure to work with them in delivering this and I look forward to seeing the project moving forward successfully. This sale has realised a significant capital receipt for the Buccleuch Property business which, alongside other cash and existing facilities, provides a sizeable war chest for new acquisitions in a market where we see real opportunity.”
ZX Holdings states:
“We are delighted to conclude this purchase, which marks our first foray into the PRS market. Nestles Avenue is a great location in terms of price point and proximity to Crossrail and the scheme provides for value add through detailed design. We look forward to developing the site and to building a PRS platform across Greater London. In that regard, we are actively considering further potential acquisition opportunities.”
