British property developer Galliard Homes, a familiar name throughout Southeast Asia due to its extensive customer base in the region, in conjunction with Cain Hoy and ARV Investments, has paid in excess of £15 million in order to acquire full ownership and control of a site close to the Chiswick Roundabout in the London Borough of Hounslow shared previously with London & Bath Estates.
Under plans led by commercial specialist London & Bath Estates, the site was to house a £120 million landmark 50-metre tall office building, complete with advertising billboards, known as The London Octopus. Although there was some interest from overseas corporations in an office building solution, eventually this did not come to fruition due to competition from existing office provision locally.
Now that control of the site has come fully under residential specialist Galliard Homes the company has reviewed the approach and will now look at plans to create a residential-led project on the site (pictured is an artist’s impression of one design), with detailed plans to be submitted to Hounslow this autumn.
Stephen Conway, Chairman and Chief Executive of Galliard Homes, said: “We believe that a premium residential-led project on this gateway site in West London will be commercially viable due to the continuing lack of new housing being provided across Greater London.
“The West London economy has emerged from the recession so these are particularly exciting times for Hounslow and Chiswick. There is an ongoing demand for new homes in the capital and so we are looking at devising plans that will meet local needs and assist with the regeneration that is occurring across the whole area.”
Andrew Batt, International Group Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email andrew@propertyguru.com.sg
