Redrow acquires land with £110m gross development value
Redrow Homes has acquired from land developer Kitewood a site valued at £110m (gross development value) in West Drayton that has planning permission for 308 residential units, including 46 affordable homes, a 190sqm business centre and a public piazza. Kitewood will retain 66 units for investment. The first phase is slated for late 2018/early 2019 to coincide with the opening of the West Drayton Crossrail station, located 500ft from the development. Trains will take 23 minutes to Bond Street, 31 to Liverpool Street and 37 to Canary Wharf.

Kitewood has agreed terms with Redrow Homes for the disposal of the 2.5 acre former Dairy Crest, Padcroft Works and TiGi Warehouse site in Yiewsley, West Drayton.

The site, which has an estimated GDV of £110m, has planning permission for 308 residential units, including 46 affordable homes; a 190 square metre small business centre; car parking; and a central landscaped public piazza.

Kitewood will be retaining 66 units for investment, which will be built by Redrow, continuing its strategy of retaining a number of residential properties for private rental.

Located approximately 500 feet from the forthcoming West Drayton Crossrail station, the scheme is expected to be delivered in three phases with completion of the first phase targeted for the opening of Crossrail in late 2018/ early 2019. Crossrail will enable West Drayton residents to reach Bond Street in only 23 minutes, Liverpool Street in 31 minutes and Canary Wharf in 37 minutes.

Philip Van Reyk, Chief Executive at Kitewood, commented: “We are delighted to have reached an agreement with Redrow for this exciting scheme and anticipate the first phase launching in time for the opening of Crossrail. This is another example where we have worked hard to assemble sites under different ownership to create a comprehensive new development that will make a significant contribution to London’s housing needs.”