UK: Long Harbour has agreed to forward purchase a 370-home BTR development with accompanying amenity space within Beaufort Park, a neighbourhood in Colindale, north-west London.
It is acquiring the building from developer St George, part of The Berkeley Group.
The acquisition is part of the Long Harbour Multi-Family Joint Venture 2 (LHMF 2) with the Public Sector Pension Investment Board (PSP Investments) and Cadillac Fairview/Ontario Teachers’ Pension Plan (OTPP) which targets best in class multi-family schemes of more than 150 units in London, the south-east and selected regional cities.
James Aumonier, COO at Long Harbour, said “Having launched two assets this year, we are delighted to announce the acquisition of Beaufort Park and add this to our best-in-class portfolio. This demonstrates our ongoing conviction in the UK Multi-Family sector and London as a global hub. BTR will be vital to the supply of housing for the next 10 years, and we continue to work with partners in delivering high quality homes for rent.
Piers Clanford, chairman of St George PLC, said: “We are delighted to be partnering with Long Harbour to deliver the final phase of the Beaufort Park masterplan and bring more high-quality homes, jobs and opportunities to the Colindale community. At The Berkeley Group we believe regenerating brownfield land, like this former aerodrome site, is the most sustainable way to solve the housing crisis, strengthen local communities and re-energise our towns and cities. Long Harbour share that vision and we are proud to be working with them to secure the long-term growth and investment London needs.”
All of LHMF 2’s properties are operated by Way of Life. As the new development becomes operational, Way of Life will launch its Community Life programme for residents and the wider local community.
The homes will form the final phase of the wider Beaufort Park masterplan. Construction is already underway with phased handover scheduled for 2025/2026. Long Harbour has worked extensively with St George “to define an exemplar BTR product”. The scheme will include more than 10,000 square feet of private amenity with a focus on well-being, community and private green spaces.
Beaufort Park was once part of the RAF Hendon Aerodrome and prior to that was one of the first civilian airfields. This long-term brownfield regeneration project has transformed the site and wider area into a community of more than 3,500 private and affordable homes with green space and children’s play areas.
Savills advised Long Harbour and CBRE advised St George.
