DevSec in sale negiotations for Oriental City

oriental cityDevelopment Securities are still considering the future of the Oriental City site on Edgware Road, and say they are in negoitiations to dispose of it.

They took control of the site after Peter Virdee failed to come up with the balance of the money for the purchase earlier this year. The Shephard Robson design (pictured) has planning permission for 8 blocks rising to 18 storeys above a 5th floor landscaped podium along the Edgware Road. The scheme involves the demolition of the existing buildings and construction of retail units including the replacement of Oriental City, the market formerly on the site, new retail space, with 600-700 residential units, 22% of which would be affordable.

It also includes construction of a nursery and a primary school for 480 children together with a health and fitness studio and over 1000 parking spaces.

In their interim trading statement, they say that “negotiations are in hand for the disposal of 399 Edgware Road, Colindale, London NW9. We are also considering other alternative strategies that include seeking a variation to the current planning consent and considering an operational partnership to reopen the existing building for retail activity”.

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