14th Mar 2016 08:12
LONDON (Alliance News) - Property firm U&I Group PLC on Monday said practical completion has been reached on the first phase of the 399 Edgware Road regeneration project in London.
U&I said the profit from the completion of the first phase will contribute to its results for the year to the end of February 2016, though did not provide exact details on the profit generated by the project.
The first phase is anchored by an 80,000 square foot foodstore pre-let to Wm Morrison Supermarkets PLC, with the rest comprising 50,000 square foot of retail and restaurant space.
U&I has exchanged contracts to sell the retail and restaurant space to Loon Fung and Royal China Group, which intend to create a retail concept on the site centred around Asian retailers.
The second phase of the scheme will deliver 180 new mid-market homes, alongside space for a new primary school and nursery. Construction is due to start on the second phase in the next month and will complete by the third quarter of 2018.
"Today's announcement regarding one of our larger regeneration projects perfectly demonstrates our approach to mixed-use development. We have delivered significant value by transforming an overlooked but well-connected site in suburban London into a vibrant new community," said U&I Chief Executive Matthew Weiner.
U&I shares were up 1.9% to 188.00 pence early Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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