Guangzhou-based Poly Real Estate Group has won its first residential project in the UK, purchasing a site in the north London suburb of Mill Hill where it plans to build 706 homes.
Poly UK, the local subsidiary of the state-owned Chinese developer, has acquired four phases of Millbrook Park, a residential community under development since 2011. The company bought the 11.8 acre site from the project’s master developer, Inglis Consortium LLP, according to a statement.
Financial terms were not disclosed, but Poly is reported to be paying around RMB 653 million ($103.2 million) for the land, according to an account in Chinese news outlet The Paper. The completed site will account for over 30 percent of the overall development area of Millbrook Park.
Poly first entered the British market in January 2016 by purchasing 5 Fleet Place, a Midtown London office block, from Abu Dhabi Investment Authority (ADIA) for £145 million ($208.6 million).
Poly Makes British Housing Debut
Poly UK will develop 706 apartments, including 134 affordable homes, and 1,400 square metres of commercial and retail space in Mill Hill, after scooping up the final parcel of the 2,240-home project. The development will be spread over an eight-year period with completion in four stages, Poly said.
The seller, Inglis Consortium, is a joint venture of British developers Annington Property and St Modwen, French builder Vinci, and the London Borough of Barnet, home to Mill Hill.
“We are excited to announce our first mixed-use residential and commercial site acquisition in the United Kingdom,” said Poly Global Managing Director Arthur Wang in the statement. “In line with our global expansion strategy, we look forward to working closely with the Inglis Consortium to ensure that we deliver world class amenity to this community.”
He added: “Our vision within the London market is long term, and we welcome the opportunity for Poly’s UK division to build a strong development team within the local London market.”
London Suburb Gets a Lift From Chinese Cash
Poly’s newly acquired site is located across the road from the Mill Hill East station of the London Underground. The overall Millbrook Park project is zoned to deliver a primary school, local shops and 14.8 acres of open spaces and public parks in addition to the 2,240 homes, and is expected to create 500 new jobs.
Over 90 percent of infrastructure works within the development have been completed, including schools, major roads, gardens and landscaped parks. The project within the established suburb of Mill Hill promises to bring supermarkets, restaurants and office amenities to the neighbourhood.
Listed on the Shanghai Stock Exchange, Poly Real Estate Group has assets valued at $125 billion and projects across China, Australia, and the US as well as Britain.