Capital & Regional sells off East London residential site for £22m
Property manager Capital & Regional (C&R) has sold off a residential development in Walthamstow for nearly £22m just months after snagging planning permission.
The site at its 17&Central shopping centre in the East London district, which hosts businesses such as JD Sports, TK Maxx and River Island, has been sold to specialist developer Long Harbour, in a deal intended to help fund the development of 495 build to rent apartments in two residential towers.
A third of the new apartments will be rented out with affordability provisions, as London’s average rent hits an eyewatering monthly average of £1,450, compared with £795 in the rest of the country.
London-headquartered C&R secured planning consent at the end of last year for the mainly residential but mixed-use site, which has connections to the Victoria line and a new park.
CEO Lawrence Hutchings said the site forms part of the company’s criteria for sites which “deliver economic benefit” and create jobs, which will be critical to London’s post-pandemic recovery as it wrestles with the soaring cost of living.
Footfall in central London is set to remain at least 10 per cent to 15 per cent below the 2019 level, Springboard warned last week.
The London-listed firm, which has recovered well following lockdown restrictions, said it plans to continue to repurpose underutilised space in a bid to boost foot traffic, a inflations has Brits’ pinching at purse strings.