SME developer Medina Capital has lodged plans with Redbridge Council for a £50m residential scheme in Hainault, north-east London.
Designed by Wimshurst Pelleriti architects, the scheme will involve demolishing the vacant 50,000 sq ft two-storey Capital Gate office building at 320 New North Road to make way for 52 three- and four-bedroom townhouses for private sale and 34 affordable apartments in low-rise blocks.
Medina Capital acquired the building in May from an entity in the British Virgin Islands for an undisclosed sum.
Nidal Al Khail, managing director of Medina Capital, said: “Our proposed development for the Capital Gate site seeks to create a family-led residential community with gardens and open spaces for all residents to enjoy, helping to meet the needs of the local area.
“We remain actively committed to new commercial acquisitions like Capital Gate, where we can utilise our expertise to breathe new life into underutilised sites that add value for all stakeholders.”
Image © Wimshurst Pelleriti
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