Portfolio grows for new property player – with four-acre Richmond site gained from British Land
This week, Avanton announces the acquisition of a four-acre site in Richmond, to be developed in a joint venture with ICG-Longbow. The site has the potential to deliver a significant mixed-use, residential-led scheme and will be the fourth site for Avanton’s fast-growing portfolio.
Avanton launched earlier this year with prime sites in Old Kent Road and Battersea. The portfolio includes a new, global headquarters for the Royal Academy of Dance at Avanton:Battersea on York Road, and the redevelopment of the former Dance Academy site into 35 apartments and five townhouses, which are also being financed by ICG-Longbow. The Old Kent Road site has the potential to deliver approximately 1,100 homes as part of a mixed-use scheme on the 3.5 acre site at Ruby Triangle. Including Richmond, Avanton has the potential to deliver approximately 2,000 new high-quality private and affordable homes across London. More details of Avanton’s current schemes can be viewed on its website at www.avanton.co.uk.
The site was acquired from British Land. Avanton and ICG-Longbow have worked in partnership to support the financing of the land deal.
Omer Weinberger, Managing Partner, Avanton, commented
“Richmond is a fantastic borough in which to grow our portfolio. Avanton is a company that listens to market demand, and with this latest addition we will be continuing with our commitment to delivering a high-quality mix of private and affordable homes to meet London’s needs.”
Adam Hayner, Managing Director at ICG-Longbow, added:
“We are pleased to continue to grow our existing relationship with Avanton. Richmond will be an exciting project with the potential to develop skilfully designed housing in a borough with a strong domestic demand base.”
This announcement follows recent news of start of construction on site at Avanton:Battersea, that, in addition to the new headquarters for the Royal Academy of Dance, will create 299 new homes, including 50 affordable homes delivered in partnership with A2 Dominion, and landscaped communal spaces.
David Hanrahan of Colliers International has advised Avanton on the acquisition. Avanton look forward to working with the London Borough of Richmond to bring this project forward for development.