Poly UK signs affordable housing deal with Notting Hill Genesis
Poly UK, a subsidiary of international developer Poly Development and Holding Group, has exchanged contracts to sell 75 residential units at its Plaza Collection development in Mill Hill, North West London, to leading housing association Notting Hill Genesis.
Located in phases 6 and 6b, the spacious one and two bedroom apartments all benefit from balconies and will be utilised for a mixture of intermediate housing (shared ownership and intermediate rent) and affordable rent. Plaza Collection, which has a total GDV of GBP380 million, marks Poly’s entrance into the UK market. It forms a key part of the wider Millbrook Park transformation - a new 2,000-plus home development on the site of the former Inglis Barracks.
In total, Poly UK’s portion of the site will deliver over 700 homes, a new landscaped plaza and 1,400 sq.m of associated commercial and retail space over four different phases. The development will form a much needed gateway between Millbrook Park and Mill Hill East Station, with fast access intro central London in under 30 minutes on the Northern Line.
Notting Hill Genesis is one of London's leading housing associations, managing more than 66,000 properties across the capital and building thousands more.
Terence Luo, Director, Poly UK, says: “This deal will help bring diverse housing to this landmark transformation project, with a trusted operator that has a proven track record in managing affordable housing at scale. Plaza Collection is creating a new community for Mill Hill East, with homes, commercial space and extensive public realm that will help form a gateway to the wider Millbrook Park.”
“Construction is progressing well and we look forward to the first new residents making this home.”
John Hughes, Group Development Director at Notting Hill Genesis, welcomed the deal. “This is a fantastic development in a great location and we are pleased to be working alongside Poly UK in delivering more genuinely affordable housing in the borough.”