Surrey’s Sixpenny Group secures £21.5m London residential development

Bagshot-based real estate investor and developer Sixpenny Group has acquired a 45,000 sq ft residential-led mixed-use development in Cricklewood, North London for £21.5 million.

Named one of London’s best new build developments by The Sunday Times in 2022, The Gladstone was bought from Unique Property Group.

Sixpenny Group will now invest in normalising the development and establishing a professionalised letting and management framework before bringing the asset back to market over the next 12 to 24 months.

The Gladstone comprises a five-storey retail parade and 54 apartments and townhouses, with a mix of private terraces, balconies and communal raised gardens.

Built to Passivhaus specification, it’s an all-electric building with communal areas powered by solar panels on the roof and triple glazing throughout.

The Edgware Road development is a few minutes’ walk from Northern and Jubilee Line underground stations as well as the new Thameslink Brent Cross West station, part of a £5 billion investment in the area called ‘Brent Cross Town’.

The initiative is one of the largest urban redevelopment projects in Europe, spanning 73 hectares and encompassing new schools, parks, offices, retail space, restaurants and 6,700 homes.

Egor Shestakov, director of Sixpenny Group, said: “The Gladstone is a fundamentally strong asset but needs a lot of work to make it institutionally investable.

“It’s a high spec building in a strategic location that is being transformed by huge investment in transport links, infrastructure, housing and amenities. The local area falls within one of the largest regeneration schemes in Europe.”

David Bowcock, director of Sixpenny Group, added: “Sixpenny Group will now leverage our capabilities and expertise to regularise the development and quickly get it to a position where it will be a fantastic opportunity for a long-term income investor.

“It’s precisely the kind of asset where our strategic, value-add approach to development can unlock sustainable long-term value for all stakeholders.”

Previous speculative developments by Sixpenny Group include the Gemstone Building at Crawley’s Manor Royal business district, a major warehousing and logistics development which was pre-let to Evri and sold to CBRE Global Investors for £47.7 million.