en.Wedoany.com Reported - UK-based Prime Phenix has acquired a major residential development site at 96-102 Broadway, West Ealing, in a deal facilitated by the GLPG agency team. The site, sold by Luxgrove Capital Partners, has secured detailed planning permission for a residential development project with a gross development value of £90 million, comprising 268 bedrooms along with ancillary facilities and a rooftop terrace.

The 0.5-acre residential development site, adjacent to Singapore Road and Broadway, has been vacant since the demolition of the four-storey Woolworths department store in 2019. The original building, constructed in 1926, operated until Woolworths' nationwide closure in 2008. Dr Amir Naghsh, CEO of Prime Phenix, stated that construction is expected to commence immediately.

Dr Amir Naghsh commented: "West Ealing represents exactly the type of opportunity Prime Phenix seeks to acquire—a well-located residential development site with excellent transport links in a highly active area of London, with the scale and conditions to create an outstanding project. This residential development is a significant regeneration opportunity for this stretch of Broadway and will deliver a high-quality project."

GLPG Director Dean Leslie noted that permitted residential development opportunities of this scale and quality rarely appear on the London market. The GLPG Capital Advisory team acted as debt advisor for the project, with Zorin Finance providing residential development funding. In recent years, West Ealing has been transformed, benefiting from the Elizabeth Line and wider regeneration, with sustained strong demand from investors and lenders for residential development opportunities in well-connected areas of London.

The residential development site is ideally positioned, just a five-minute walk from West Ealing's restaurants, shops, supermarkets, and gyms, as well as West Ealing railway station and the Elizabeth Line. William McKenna, Director of Luxgrove Capital Partners, said the residential development will transform a long-vacant site into a vibrant new destination.

This article is compiled by Wedoany. All AI citations must indicate the source as "Wedoany". If there is any infringement or other issues, please notify us promptly, and we will modify or delete it accordingly. Email: news@wedoany.com