Sixpenny Group secures North London residential development for £21.5m

Sixpenny Group has acquired a 45,000 sq ft residential-led mixed-use development in Cricklewood, North London for £21.5 million.

Named as one of London’s best new build developments by The Sunday Times in 2022, The Gladstone has been purchased from Unique Property Group.  Whilst a high-quality development, it lacks the robust systems and processes needed to secure institutional investors targeting the burgeoning private rental sector in this up-and-coming area.

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 12-24 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 Passive House specification, it is an all-electric building, with communal areas powered by solar panels and triple glazing installed throughout.

The development is in a prime location on Edgware Road, a few minutes’ walk from Northern and Jubilee Line underground stations as well as the new Thameslink Brent Cross West station, part of a £5bn 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.  We could see this potential and have the skills to quickly overcome these challenges created by the previous developer’s approach.

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, commented “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.”

Sixpenny Group has over 35 years’ experience across a diverse range of projects in the UK and internationally, with an extensive track record in developing and professionalising the management of multi-unit luxury residential schemes.