The site — which was the old Euro Car Parts HQ — has been acquired through a structured transaction by LaSalle’s value-add investments business line, with Regal London retained as development manager.
The project will see the creation of 759 new homes, 35% of which will be affordable.
It will also include nearly 40,000 sq ft of flexible urban logistics and commercial space and a new publicly accessible green space.
“As a firm, we believe that projects like this have the potential to make a powerful, positive impact on the communities they serve,” said Arron Taggart, head of UK real estate at Cheyne Capital.
- Property investors face 'huge risk' of stranded assets if they fail to decarbonise
- Cheyne Capital to fund £40m housing regeneration programme
- SME housebuilder Backhouse secures £50m investment
“Wembley has been undergoing a significant regeneration in recent years and this mixed-use scheme will build on this, providing residents with high quality and affordable homes in a desirable location, while also delivering valuable commercial space and local employment.
“We are confident that our partnership with LaSalle and Regal London will deliver a best-in-class development.”
The scheme is expected to generate up to 925 construction jobs and will host the second Regal London Real Estate Academy, providing construction skills training and employment opportunities for those with military connections and local people.
Construction is expected to begin by September 2022 and is due to complete in 2025.
Robert Fay, Director, debt and value-add strategies at LaSalle, commented: “We are thrilled to be working with Regal London and Cheyne on this exciting project, which will provide much-needed amenitised affordability to London housing and fits our strategy of partnering with high-calibre specialist developers across Europe.”
Marc Eden, investment director at Regal London, added: “We have designed a first-class mixed-use development, using significant innovation in our construction methods and upholding our fundamental principles of sustainability.
“We are delighted that LaSalle has put their trust in our brand and ability to deliver our planning consent and to be working closely with Cheyne Capital once again.”