Reynard Mills Estate Sold for 20 Million

Completion subject to planning permission

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Schroder Real Estate announces it has exchanged conditional contracts to sell Reynards Trading Estate in Brentford to Notting Hill Home Ownership for a base price of £20 million, with completion subject to securing a residential planning permission.

Reynards Trading Estate comprises a six acre, 170,000 sq ft, substantially vacant industrial estate located in a residential area. As at 30 June 2013 Reynards Trading Estate was valued at £16 million and produced short term income of £200,000 per annum. The Company's strategy has been to secure residential planning permission and sell.

In March 2013 a residential planning application with a net sales area of 220,000 sq ft was refused by the Secretary of State following a planning appeal.

The Windmill Road Action Group commented that "The price is nearly double the £13 million value the then owners placed on the site back in May 2011, at the time of their original application for 315 homes, mainly in two 7 storey and two 6 storey tower blocks.

"We are concerned that the money the new owners have committed to pay for the site will tempt them to overdevelop it."

19th September 2013