|Reynard Mills Estate Sold for 20 Million|
Prompting renewed concern about over-development
Owners of the Reynard Mills Trading Estate on the Ealing/Brentford border are selling the land for £20 million - £7 more than the original forecast.
Investment company, Schroder Real Estate has exchanged conditional contracts with Notting Hill Home Ownership with completion subject to securing residential planning permission.
Originally the developer wanted to build 275 flats and houses for 995 residents on the former BBC site just off Windmill Road with the majority to be housed in 7 & 6 storey tower blocks.
Hundreds of local residents have fought a lengthy campaign against the proposals, and in March 2013 a residential planning application was refused by the Secretary of State.
Reynards Trading Estate comprises six acre, 170,000 sq ft, and on 30 June 2013 was valued at £16 million. The Company's strategy has been to secure residential planning permission and sell.
News that it has been sold for £20 million has prompted local concern. The Windmill Road Action Group (WRAG) - representing residents in the area - commented:
"The price is nearly double the £13 million value the then owners placed on the site back in May 2011, at the time of their original application for 315 homes, mainly in two 7 storey and two 6 storey tower blocks.
"We are concerned that the money the new owners have committed to pay for the site will tempt them to overdevelop it."
19th September 2013