The £8 million sale of development land in Chigwell High Road is set to pave the way for a scheme of 35 flats.
The 0.64-acre site, opposite Chigwell Underground Station within Epping Forest district, has been acquired by residential developer Ropery. It was sold on behalf of White Square Developments, which was advised by Savills and GLPG.
The site, on the corner of Chigwell High Road and Brook Mews, will be developed for a 28,330 sq ft scheme which will include nine one-bedroom and 26 two-bedroom flats. There will be 29 secure parking spaces and 26 cycle spaces
Ground floor commercial space has been pre-let to Co-op Food.
Darren Arnold, director in the development land team at Savills, said: “Despite the headwinds the residential development land market is currently facing, this transaction is evidence that well designed planning consents in established locations remain in demand from active developers.
“We are really pleased to have completed this sale on behalf of our clients working closely with our joint agent at GLPG.”
Dean Leslie, director for GLPG said: “We are pleased to have completed this sale following a comprehensive marketing process alongside Savills. Our team attended a physical exchange of contracts which was concluded within a matter of hours.
“All parties are delighted with the final result and we look forward to seeing this scheme progress.”
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