October 23, 2018
Affordable housing provider Guinness Partnership has successfully completed the acquisition of a residential scheme in Bromley-by-Bow from Danescroft, with backing from Palmer Capital.
Full planning permission was granted in September this year for 491 new homes and 38,000 sq ft of flexible community and workspace.
The site adjoins another site acquired by Guinness earlier this year and together they constitute a combined space of more than 900 new homes. Guinness and Danescroft claimed that the combined scheme will help the regeneration of the wider Bromley-by-Bow South area.
Catriona Simons, chief executive of the Guinness Partnership, said she intended for 50% of the homes to be affordable.
Dominic Fryer, director of Danescroft, said: “The sale of the land to Guinness has been the culmination of 5 years hard work working closely with the London Legacy Development Corporation and other stakeholders.”
Chris Button, head of value add REIM at Palmer Capital added: “We have £200m more to invest over the next 12 months on similar sites with residential and BTR potential.”
Cushman & Wakefield and Levy acted for Danescroft in the transaction and Guinness were represented by JLL.
Author: Property Week; first published October 2018
For more information about Danescroft, visit their website.