London developer announces £85m partnership to deliver over 800 new homes

Regal London has announced a “landmark” £85m partnership with Brent Council at its Wembley development, Fulton & Fifth. To increase its stock of affordable homes, the council has agreed to purchase 294 units of the scheme, which is due to complete in 2026.

Located in East Wembley, Fulton & Fifth will comprise 876 homes, with 40 per cent of the scheme being offered as affordable new homes for local households thanks to this deal.

Ranging from one to three-bedroom units, the affordable homes will be “hugely impactful” to the local community as Brent continues to tackle the housing crisis, with more than 26,000 households on the waiting list for council homes.

The new mixed-use scheme will also include shops, cafés and creative workspaces as well as public spaces. With a dedication to nature and its surroundings, the development forms part of Brent’s plans for a “green corridor”: a new linear park that will run between Seven Acre Park and Brent River Park, creating a network of open public spaces.

Regal London is also making improvements to the local Wealdstone Brook, which runs past the development, to create a “pleasant waterside walk” and reconnect the community with this wildlife corridor.

Fulton & Fifth forms part of the wider transformation taking place in Wembley. Since 2002, public infrastructure improvements and more than £2.5bn of private investment have delivered significant benefits to the local community, including new homes, shops, infrastructure and green spaces.

The site, which was the old Euro Car Parts HQ, was acquired last year through a structured transaction by LaSalle Investment Management, with Regal London retained as development manager.

Marc Eden, investment director, Regal London, commented: “We are pleased to be playing a role in delivering Brent’s local housing needs. The allocation of affordable homes at Fulton & Fifth is a true testament to the council’s commitment to understanding the needs of its people.

“What we’re offering in terms of live, work and play at the site is going to set a new benchmark for the area and we look forward to welcoming everyone home in the coming years.”

Councillor Promise Knight, Cabinet Member for Housing, Homelessness and Renters’ Security, London Borough of Brent, added: “We are delighted to be working in partnership with Regal London on this venture. We are committed to creating more affordable homes for Brent residents.”

By Matthew Neville – Senior Correspondent, Bdaily

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