Regal London has expanded outside of central London, with a £150m mixed-use development in Watford.
The developer has purchased the consented office and residential development site at Hannay House, 37-39 Clarendon Road.
Regal London paid Aluma Capital £18m for the site, which has planning permission for 168 homes and refurbishment of 150,000 sq ft of office space.
It is Regal London’s largest office scheme and its third acquisition this year.
The developer previously specialised in luxury inner London schemes, but has recently expanded to include commercial development, at schemes in Tower Hamlets, Wembley and Hackney.
Regal London will build the 25-storey residential scheme for the private-sale market. The developer will pay £4.6m in planning obligations, including an affordable housing contribution of £2m.
Work has commenced this month, with the office expected to complete in spring 2024 and the residential in the autumn of that year.
Paul Eden, co-founder of Regal London, said: “This acquisition comes during a particularly active period for Regal London, which has seen us secure new sites and planning permissions across the city that complement our strategic growth ambitions whilst creating substantial social and economic benefits to the surrounding area, including hundreds of jobs.
“We are looking forward to bringing our mixed-use expertise to a fantastic part of Greater London with this project, supplying 168 new homes and grade-A office space at a time when many businesses and workers are reassessing their office needs and increasingly looking to convenient, exciting areas beyond the city centre.”
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