UK developer Parkridge has started work on site at its EUR 59 mln project at Neptune Point, Harrow after securing funding from Standard Life. The residential accommodation has been pre-sold to Galliard Homes.

UK developer Parkridge has started work on site at its EUR 59 mln project at Neptune Point, Harrow after securing funding from Standard Life. The residential accommodation has been pre-sold to Galliard Homes.

The 0.6-hectare site was sold to Parkridge in August 2010 by TfL. Working with international real estate advisor Savills, the developer received detailed planning consent for the scheme in early 2010 and, having pre-let the commercial accommodation to Morrisons, has now achieved development funding.

The national supermarket chain, Morrisons, has agreed a new 25-year lease on a store totalling 5,888 m2 set at second floor level, with ground and first floor car parking underneath. This multi-level scheme will deliver a large food store to a highly accessible location, in addition to 146 residential flats above, including a percentage of affordable housing.

Philip O'Callaghan, Head of Parkridge, comments: 'Undertaking development in this climate has been very challenging. The team have worked extremely hard to bring this development forward. Neptune Point will be a highly sustainable scheme that has been designed to compliment Harrow's town centre through its excellent transport links and regeneration of the public space.'

Johnny Rowland, director at Savills, adds: "This site in Harrow has provided Morrisons with an excellent opportunity to target new customers in an otherwise untapped area for their business".