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160-flat development to contain no affordable housing but should 'attract investors'

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160-flat development to contain no affordable housing but should 'attract investors'

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Published by Max Salsbury for 24dash.com in Housing and also in 60 Second Dash, Development

160-flat development to contain no affordable housing but should 'attract investors' 160-flat development to contain no affordable housing but should 'attract investors'

A 160-flat development in the London borough of Hounslow will not include any affordable homes or units for social rent.

Developer Galliard Homes has paid £15 million for The Balfour Building on Lampton Road in the town centre, formerly offices for Alitalia and Sri Lankan Airlines, and hopes to attract investors to the flats it intends to build.

Galliard plans to convert the building into 160 studio, one and two-bed apartments and penthouses, complete with covered parking facilities.

However, because the development is a permitted development rights scheme, the builder is under no obligation to deliver any affordable or social rent housing.

Galliard says it will transform the building into a "prestigious residential address, creating new apartments providing spacious living spaces, bespoke interiors and joinery, luxurious designer kitchens and plush bathroom suites".

The development will have high-speed lifts serving all floors and communal rooftop terraces for the private use of residents, with each apartment providing a spacious living area, open plan fully fitted kitchen and master bedroom with fitted wardrobes.

The 200,310 sq ft Balfour Building was constructed in 1984 and sits on a 1.94 acre site.

Barclays Bank is providing the funding facility for the project and The Balfour Building will be delivered vacant to Galliard in October 2014, with construction by scheduled to commence soon after. Building contractor O’Shea has a 25% investment in the project.

Though prices have not been set, Stephen Conway, Galliard's chief executive, said that the building is “located in a key West London commuter hub which provides easy access into the West End, Heathrow Airport and the M25 road network. The new apartments will provide Galliard’s usual exceptional value for money and are located within 100 metres of Hounslow Underground Station which provides connections into London’s West End.”

David Galman, Galliard's sales director, said: “The apartments are in the heart of Hounslow town centre and will be reasonably priced to attract either end user buyers looking for a West London home; pied-a-terre purchasers or investors.

"The Hounslow housing market is very competitively priced and we anticipate strong demand from both investors and end user buyers.”

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