Prime Place, Willmott Dixon’s residential development business, has agreed to acquire Tubs Hill House in Sevenoaks from Development Securities and convert the commercial premises into high quality residential apartments.
This deal adds to the company’s growing development portfolio following agreement in December with Brentford FC for its new stadium and 1,000 homes, plus a deal in January with The Cheshunt School to fund school enhancements by developing 88 homes on surplus land at their site in Broxbourne.
Tubs Hill House, with a development value approaching £40 million, is located just 200 meters from Sevenoaks’ station and is expected to prove popular with people looking for fast access to London while also benefiting from living in Sevenoaks. Construction work will start in Summer 2015. Prime Place was advised by Gascoignes in the transaction.
Andrew Telfer, divisional chief executive at Willmott Dixon’s development division Regen, said:
“This is another example of the versatility and scope of our development capability. Tubs Hill House very much reflects Prime Place’s ethos to provide high quality homes in popular locations with good transport links, and we are looking forward to giving a new lease of life to this building once the various permissions have been achieved.
“It is also a further statement of Willmott Dixon’s development ambitions to deliver homes for both sale and private rent at scale through our Prime Place and be:here brands. This already includes developing London’s first purpose-built community of private renters as part of our 1,176 home Aberfeldy Village in Tower Hamlets, plus the forthcoming Brentford FC masterplan that combines homes for sale and private rent. ”
It is the third deal between Development Securities and Willmott Dixon. The first in 2012 involved Willmott Dixon acquiring the Residential Quarter at The Movement in Greenwich from Development Securities and Cathedral Group to develop 181 homes, and this was followed in 2013 by acquiring The Gatefold Building, part of The Old Vinyl Factory site, in Hayes to develop 132 homes, 118 of which are for private rent through be:here.