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St. Modwen completes £75m forward sale at St Andrews Park
St. Modwen has completed the forward-sale of 207 private rented sector units at its 1,300-home mixed-use regeneration project at St Andrew's Park, Uxbridge, to Annington Rentals No.4, it announced on Thursday, for a total cash consideration of £75m, upon the occurrence of certain construction milestones.
The FTSE 250 company said the sale would accelerate the delivery of future phases of the St Andrew's Park scheme, and would release capital for it to invest in build-for-sale homes which would not compete with the private rented sector housing tenure.
It said the overall Triangle site is a 249-apartment development spread over four blocks, which would provide 207 homes for the private rented sector.
The remaining 42 affordable homes were forward-sold by St. Modwen to Catalyst Housing in December 2016.
"This forward sale is a very significant milestone for this transformational scheme as it accelerates the supply of much-needed homes whilst enabling us to release more land earlier for homes for private sale as we deliver on the overall St. Andrew's Park vision," said St. Modwen's property director for the south east, Tim Seddon.
"Annington will provide further diversification of homes and tenures within the St Andrew's Park community.
"They join St. Modwen Homes, which is currently providing over 140 homes over two phases of the development, as well as Persimmon, which has delivered some 350 homes at St. Andrew's Park."
St. Modwen said the topping-out ceremony of the Triangle with contractor, Galliford Try, took place last month, with the project scheduled for completion in stages between November and May 2019.