SME residential and mixed-use property development company, Medina Capital, has announced the sale of the Capital Gate site in the London Borough of Redbridge for in excess of £10million to Persimmon Homes.
The sale marks Medina Capital’s first exit to a major housebuilder, and represents an acquisition, planning gain and disposal within a year.
Medina Capital acquired the Capital Gate office site in 2024, utilising a £5.71miilion facility from GRE Finance, and worked with architects Wimshurst Pelleriti to design and bring forward proposals for a sustainable new build family-led development of 52 three and four-bedroom townhouses for private sale and 34 affordable apartments. It successfully secured planning in November 2024.
The 50,000 sq ft two-storey office building sits on a three-acre plot and has been allocated for residential development in Redbridge’s adopted local plan.
The plans for the site include outdoor landscaping with a range of communal areas to encourage intergenerational community interaction, including a dedicated new play street, gardens with picnic areas, a play area and boules court. There are also ecological features, including bug hotels, loggeries, and bird habitats.
Nidal Al Khail, managing director of Medina Capital, said: “The sale of Capital Gate reflects our ability to strategically identify opportunistic sites and utilise our in-house planning expertise to unlock challenging projects by designing and securing permission for high quality schemes that bring value, moving through to exit in a short space of time. We are pleased to have gone from acquisition to planning gain and disposal within a year.”
“Securing our first deal with a major housebuilder also reflects confidence in our ability and the quality of our work. Despite a challenging market for some, we remain actively committed to new land acquisitions with strong funding capabilities in place, allowing us to move quickly.”
Andrew Cox and Ed De Jong at Savills acted for Medina Capital while Paul Hinett at Steele Raymond provided legal services.
