Telereal Trillium has sold two residential development sites in Croydon and Farnborough for a total of £27 million to Bellway.
The sale of the two schemes, for which Telereal Trillium has secured detailed planning approval, will bring forward the transformation of two strategic sites, which have the potential to deliver a combined total of 386 new homes.
In Farnborough, the former IBM office building owned by Telereal Trillium, covering an area of 80,808 sq ft, which has been vacant since June 2016 has exchanged contracts with Bellway and will complete in May.
Here, proposals for 205 high-quality houses and apartments were approved by Rushmoor Borough Council in November, including a substantial apartment block and extensive landscaping and public space. The Section 106 Agreement has just been completed.
In Croydon, plans are in place for a residential-led regeneration scheme that will see the former Croydon job centre on Dingwall Road, which has been vacated by the Department for Work and Pensions, converted into 181 new apartments across two towers of nine and 24 storeys.
The planning consent also provides for flexible commercial space at the ground and lower floors, which could include a new town centre restaurant, café or bar. The high-rise scheme was given planning permission last May by Croydon Council and approved by the GLA in October.
Duncan Brisbane, development director at Telereal Trillium, said: “We are delighted to reach agreement with Bellway Homes on these two strategic sites, which will hasten the delivery of much needed new homes for new and existing residents. In both instances, Telereal Trillium has worked closely with the local planning authorities to set the scene for sustainable developments that will bring substantial vacant and unused sites back into viable use.
“Telereal Trillium has a strong relationship with Bellway, where we already have two Joint Ventures in Leeds and Harrogate, and have sold them a number of sites in the last few years.”
Ian Gorst, London and South East regional chairman of Bellway, said: “These two strategic sites in Farnborough and Croydon are both derelict brownfield parcels of land which are primed for regeneration. We plan to provide a selection of new homes which will greatly improve the area and bring much needed housing to places that are increasingly desirable to reside in. We are delighted to have secured a deal to purchase these sites and hope to start building homes soon.“