Reynard Mills Estate Sold for 20 million

Completion subject to planning permission

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."

September 28, 2013