Danescroft Sell West Drayton Residential Site
Following grant of detailed planning consent for 86 apartments and a three bedroom house, overlooking the Grand Union Canal. We are pleased to announce the site has been sold to Shepherds Bush Housing Group who will be providing the much needed affordable housing in West Drayton.
The former 1-acre industrial site was unconditionally acquired in January 2016. Danescroft co-invested in the transaction alongside *PCDF III (Palmer Capital Development Fund III) and were retained as the fund’s Asset and Development Manager.
The site is ideally located immediately opposite West Drayton Station, shortly to benefit from the opening of Crossrail with a journey time to Bond Street W1 of only 23 minutes.
*Palmer Capital Development Fund III – a programmatic venture between CBRE Global Investment Partners (GIP) and Palmer Capital.
The sale concludes a successful business plan for Danescroft & Palmer Capital Development Fund III, on what is a prominent yet challenging site. The site was assembled from four separate parcels each acquired unconditionally over a period of months.
Having secured vacant possession, we then negotiated a complex planning consent for the scheme which comprises 87 apartments in three attractive residential blocks. The site represents the regeneration of the final piece of undeveloped land adjacent to the West Drayton Elizabeth Line (Crossrail) station. We are actively seeking similarly constrained sites which present the opportunity for considered redevelopment and regeneration.