Europa Capital and St Congar Land sell former Ford Stamping Works in Dagenham for new Peabody residential-led scheme
Following four years of extensive remediation, Europa Capital, the pan-European real estate investment manager, and its joint venture partner St Congar Land, have completed the sale of Dagenham Dock, the site of the former Ford Stamping Works, to Peabody housing association.
Peabody is working closely with Barking and Dagenham Council, BeFirst and the Greater London Authority to explore the delivery of a high quality residential-led masterplan comprising 3,100-plus new homes, of which over 1,500 will be affordable, at Dagenham Dock, with the aim of creating a vibrant and sustainable new neighbourhood that reflects the site’s heritage and incorporates new spaces for learning, leisure, play and work.
Since acquiring the 44-acre brownfield site in 2016 on behalf of its value add fund, Europa Fund IV, Europa Capital, advised by St Congar, has undertaken extensive remediation works over the last four years, involving the extraction of 322,000 tonnes of material, 98 per cent of which has been recycled.
Europa Capital and St Congar have a longstanding track record in strategic land and have acquired strategic development land with capacity for approximately 10,000 new homes. Additionally, Europa Capital has invested in cEUR1 billion into built PRS and student accommodation, totalling over 10,500 beds.
Hugo Black, Partner at Europa Capital, says: “Back in 2016 we recognised the massive potential of Dagenham Dock, a site rare in its scale and steeped in history. Demand for land in London on which to build affordably priced housing has outstripped supply for some time. Having undertaken a thorough remediation of the site, we have created land suitable for development of new homes. Peabody is an experienced and trusted developer with a great track record in the delivery of affordable and market homes for Londoners and we have been working closely with them throughout this process. Additionally, by completing this transaction with Peabody, we are providing an attractive exit point for our investors.”
Europa Capital and St Congar were advised on the sale by Savills and Cushman Wakefield.