Barnet Council has appointed Aviva Capital Partners and Stories for a build-to-rent redevelopment of Bunns Lane car park, NW7.
The scheme will be the first project for the new joint venture between the investor and the B Corp developer.
The 1.24-acre site is currently a 184-space pay and display car park, sandwiched between the railway line at Mill Hill Broadway Station and the M1.
The proposals are for at least 128 homes, of which 50% will be affordable. Barnet Council said the project “will create much needed housing for the Mill Hill neighbourhood”.
The development will be delivered under a sale and leaseback model with the council.
Stories, which will lead the project, will shortly start consultation with local groups, residents and businesses.
Aviva and Stories launched their £100m jv in March, pledging to unlock “purposeful” development projects, starting in London.
Stories co-founder Paul Clark said: “Having grown up in the area, I am excited to have an opportunity to work with Barnet Council and local residents, businesses and groups to deliver something we can all be proud of on this important site. We are committed to pursuing a high-quality development with purpose, that delivers in the short and longer term for the council, community and future residents. Bunns Lane is exactly the kind of complex project, critical to the local community that our partnership with Aviva was formed to tackle.”
Sophie White, sector head for regeneration at Aviva Capital Partners, said: “We formed our joint venture with Stories to create opportunities for new sustainable property investment which positively impacts communities and provides a retirement income for our customers, and this project will do both.”
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