14 Mar 2016 07:00
14th March 2016
First phase of 399 Edgware Road reaches practical completion
U and I Group PLC (U+I) has reached practical completion of the first phase of its significant mixed-use regeneration project, 399 Edgware Road. The profit realised from the completion of the first phase of the development will contribute towards the Company's development and trading gains for the year ended 29th February 2016.
The first phase of this £150 million project is anchored by an 80,000 sq. ft. foodstore which was pre-let to Morrisons and forward-funded by clients of Aberdeen Asset Management. The remainder of phase one comprises 50,000 sq. ft. of retail and restaurant space and extensive new public realm which are transforming this formerly derelict 7-acre site into a vibrant new place.
U+I has exchanged contracts to sell the retail and restaurant space to two operators, Loon Fung and Royal China Group who will deliver a dynamic new retail concept centred around Oriental and Far Eastern retailers, creating a diverse offer within this popular new mixed-use community.
The second phase of 399 Edgware Road will deliver over 180 new mid-market homes in partnership with L&Q, alongside space for Brent Council to build a new primary school and nursery. Construction is due to start within the next month and complete in Q3 2018.
Matthew Weiner, CEO of U+I said: "Today's announcement regarding one of our larger regeneration projects perfectly demonstrates our approach to mixed-use development. We have delivered significant value by transforming an overlooked but well-connected site in suburban London into a vibrant new community. The development of phase one of 399 Edgware Road has delivered a new retail destination for the local area and the second phase will add much needed homes and educational facilities, creating over 700 new jobs for Brent."
For further information, please contact:
Matthew Weiner/Lucy Grimble, U+I
020 7828 4777