- Vistry Group
- 26 April 2024 17:18:36
Source: Sharecast
The FTSE 250 housebuilder said the development would form part of a £276m gross development value (GDV) initiative, and aimed to create 739 new mixed-tenure homes.
Of the total housing units planned, 427 would be designated as affordable housing, including a mix of affordable rent, social rent, and shared ownership properties, constituting 60% of the overall development.
The project would also include 144 build-to-rent homes and 168 homes for private sale, pending planning approval.
A portion of the affordable shared-ownership homes would be allocated to the City of Westminster as part of a broader planning agreement looking to achieve an overall 50% affordable housing target across three MOPAC-owned sites.
The affordable homes would be developed and managed by one of Vistry's registered provider partners in accordance with the Mayor of London's requirements.
Following a competitive bidding process led by the Mayor of London, Countryside Partnerships would embark on the project at the former Hendon Metropolitan Police training centre and driving school in Colindale.
The development would consist of five buildings, housing a total of 739 new homes and offering multiple recreational spaces.
Additionally, the project would introduce community and retail amenities, including a new nursery and social enterprise, as well as a social value program aligning with the community's expressed needs and aspirations.
The initiative aimed to maximise local job opportunities and apprenticeships throughout the project's anticipated timeline.
Work on the Colindale site was set to start in the summer of 2025, with completion scheduled for 2030.
Colindale would become the 34th major development undertaken by Vistry in London.
“We are thrilled to have been appointed by the GLA and MOPAC for this transformative landmark scheme to deliver high-quality new housing for Londoners,” said chief executive officer Greg Fitzgerald.
“This latest agreement reflects the strength and resilience of our partnerships model, and we look forward to using our track-record of successful regeneration and place-making to create much-needed new homes and sustainable communities for the residents of Barnet.”
Reporting by Josh White for Sharecast.com.
