U+I completes in Brent
Published: 16 March, 2016
First phase of 399 Edgware Road reaches practical completion
U and I Group has reached practical completion of the first phase of its significant mixed-use regeneration project, 399 Edgware Road in north London.
The first phase of this £150m project is anchored by an 80,000-sq ft foodstore which was pre-let to Morrisons and forward-funded by clients of Aberdeen Asset Management. The remainder of phase one comprises 50,000 sq ft of retail and restaurant space and extensive new public realm which are transforming this formerly derelict seven-acre site into a vibrant new place.
U+I has exchanged contracts to sell the retail and restaurant space to two operators, Loon Fung and Royal China Group, which will deliver a dynamic new retail concept centred around Oriental and Far Eastern retailers.
The second phase of 399 Edgware Road will deliver over 180 new mid-market homes in partnership with L&Q, alongside space for Brent Council to build a new primary school and nursery. Construction is due to start within the next month and complete in Q3 2018.
Matthew Weiner, CEO of U+I said: "We have delivered significant value by transforming an overlooked but well-connected site in suburban London into a vibrant new community. The development of phase one of 399 Edgware Road has delivered a new retail destination for the local area and the second phase will add much needed homes and educational facilities, creating over 700 new jobs for Brent."