Mixed-use developer Regal London has acquired a retail park in the London borough of Barnet in partnership with global alternative asset manager Cheyne Capital.
Bordering on Glebelands Open Space, the Great North Leisure Park is a 4.5 hectare site on High Road, North Finchley, designed by Barnet as a strategic site for residential redevelopment.
The Great North Leisure Park will also house the third Regal London Real Estate Academy, delivered in partnership with Building Heroes, and providing construction qualifications and employment possibilities for 70 military veterans and their families.
Jonathan Seal, CEO of Regal London said: ‘The acquisition of Great North Leisure Park is another step in the evolution of our strategy – to bring our expertise and skills to complex urban settings, creating sustainable, beautiful buildings of all kinds with thoughtful public spaces for local people to be proud of. “We are London specialists and are excited to have this opportunity to open up this corner of Barnet to new residents and businesses whilst bringing our customary flair to an area that we know well.”
Arron Taggart, head of UK Real Estate at Cheyne Capital, added: ‘We are pleased to be supporting this redevelopment scheme which reaffirms our investment thesis of originating lending opportunities in value-add assets in partnership with experienced borrowers with whom we can form a long-term relationship. Our continued support of the Regal London platform underscores our conviction in their ability to deliver quality mixed-use schemes in London which look to support and benefit the local communities, and this is evidenced by the Great North Leisure Park redevelopment. Projects such as this which, if done right, will have a hugely positive effect on the local community, we find particularly of interest. We know that, in Regal London, we have the right partner and we look forward to furthering the strong relationship we have built with them.’
The latest acquisition enables Regal London to establish its presence in a sixth local area, in addition to sites in Brent, Camden, Hackney, the City of London and Watford.
The developer has a pipeline of over 8,500 homes and 60,387 m2 of commercial space within the M25.