• What Federated Hermes and London Square have purchased a development site in Colindale from Telereal Trillium
• Why Plans to build 244 affordable homes at the site have been granted planning approval
• What next London Square intends to deliver more than 800 affordable homes in the next 10 years

Federated Hermes and London Square have purchased a development site in Colindale from Telereal Trillium for their residential project.

The international business of Federated Hermes’ Hestia brand and London Square’s affordable housing division, Square Roots will work together on the first phase of a residential-led, mixed-use development.

The London Borough of Barnet has granted full planning approval for the first phase, which will be built on The Hyde Electrical Works on Edgware Road, with the aim of delivering 244 apartments available for affordable rent and shared ownership. The wider development targets to deliver a total of 505 homes.

Telereal Trillium cleared the site, which had been occupied by a car showroom, warehouses, and a car park, before mandating Savills to market the property. With its location in Colindale, it offers quick access to central London via the underground, national rail at Hendon, road and cycle networks.

Adam Lawrence, chief executive at London Square, said: “Square Roots will be delivering 100% well-designed affordable homes in a scheme that will enhance the local area. Colindale is an excellent location with good transport links to provide homes where people working in London will want to live. Square Roots now has seven sites in Greater London, which will deliver over 800 affordable homes, reflecting London Square’s commitment to investing in the capital over the next 10 years.”

Will Gibby, director, fund management at the international business of Federated Hermes, added: “The Hyde is another exciting scheme for our growing Hestia residential platform and reflects our approach of delivering high-quality, affordable, mid-market homes while also making a meaningful contribution to communities and delivering sustainable, long-term returns. We look forward to continuing our work with London Square to deliver such an exciting, well-located development.”

TT&G advised Hestia and London Square.