Medina Capital Investments completes London property sale of £7m

Medina Capital Investments has completed the sale of 300 Burlington Road in New Malden to Wandle Housing Association for around £7m.

The site has planning permission for 41 apartments, all of which will be affordable, helping to alleviate the social housing shortfall in the area, which is said to be one of the worst in London.

Medina Capital Investments and Aitch Group secured planning permission for the site in 2016, which comprises the redevelopment of Albany House, an MOT garage on underutilised land.

Nidal Al-Khail, managing director of Medina Capital Investments, commented: “The site is currently not fit for purpose in the context of the wider area and when complete will deliver vital new affordable homes for the local community.

“We are delighted to have brought this site forward and look forward to working with housing associations in future to help deliver solutions to the capital’s housing shortage.

“Closer working between SME developers and housing associations is vital if we are to create change and meet housing targets.”

The site will be transformed into a low-rise mixture of one, two, three and four bedroom apartments, all with private balconies and amenity space, plus 25 parking spaces.

300 Burlington Road is almost equidistant between Raynes Park, Motspur Park and New Malden stations, at the site of the proposed Crossrail 2 route, with London Waterloo less than 30 minutes away by train.

New Malden is the subject of combined public and private investment, however Merton’s social housing stock is among the smallest in London at 14 per cent of total stock, with the London average at around 22 per cent.

Nidal Al-Khail, Managing Director of Medina Capital Investments, adds: “We are delighted to have brought this site forward and look forward to working with housing associations in future to help deliver solutions to the capital’s housing shortage.

“Closer working between SME developers and housing associations is vital if we are to create change and meet housing targets.”

Wandle Housing Association is expected to commence work on the site this month, with completion scheduled for early 2019.