Firms form partnership to buy two sites for redevelopment in north of the capital
Housebuilder Hill and developer Pinnacle Investments have signed a deal to buy two sites to deliver 1,800 homes in Dollis Hill and Wembley in north London.
The pair have signed a contract to buy a site for 1,500 homes off Dudden Hill Lane in Dollis Hill and another off Wembley Park Drive for the remaining 300 from the United Colleges Group.
The land deal is designed to allow the College to consolidate itself onto a new campus on Olympic Way, close to Wembley Park station.
The deal is the first between Hill and Pinnacle, which have entered into a “strategic partnership” to develop the land. It comes two years after £753m turnover Hill announced a £300m London land-buying spree to bolster its future pipeline of development in the capital.
Christopher Turnbull, managing director at Pinnacle Investments said securing the two sites was “a great start to our partnership with Hill”.
Andy Hill, group chief executive at The Hill Group said: “The delivery of high-quality, large-scale projects in strategic partnership is at the heart of The Hill Group’s approach, and we are pleased to be working with Pinnacle on this new venture. Being the lead developer on over 1,800 much-needed new homes in this important area of London is a testament to our track record and reputation for placemaking and regeneration.”
Hill this year reported record turnover of £753m for the 2021 calendar year, with pre-tax profit up 47% to £65.1m, after building 2,318 homes. The firm has an ambition to grow turnover to £1.2bn within five years.
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