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Poly marks UK debut with Mill Hill buy

By James Buckley - Thursday, February 08, 2018 14:07

Chinese developer Poly Real Estate Group has made its first foray in the UK property market, acquiring four phases of the place making development of Millbrook Park, in the north London suburb of Mill Hill.

The site was purchased from the Inglis Consortium, the master developer of the project.

The 11.8-acre site was purchased through Poly Real Estate Group’s subsidiary Poly UK. When complete, the site will form over 30% of the entire development of Millbrook Park.

Sold over 14 phases, beginning in 2012, Poly UK will develop the site over an 8-year period with completion spread across 4 stages.

Poly Global Managing Director Arthur Wang said the decision to purchase the site at Millbrook Park was a strategic move in line with the group’s globalisation strategy.

“We are excited to announce our first mixed-use residential and commercial site acquisition in the United Kingdom. In line with our global expansion strategy, we look forward to working closely with the Inglis Consortium to ensure that we deliver world class amenity to this community.”

“Our vision within the London market is long term, and we welcome the opportunity for Poly’s UK division to build a strong development team within the local London market,” he added.

Poly UK joins Barratt, Sanctuary Group, Taylor Wimpey, Linden Homes, Prime Place, Cala, and Joseph Homes as one of the major developers of the project.

The group has acquired the site at a stage where over 90% of infrastructure works within the wider Millbrook Park development have already been completed, including a number of public spaces such as gardens and landscaped parks, major arterial roads, and schools.

Located in the already established suburb of Mill Hill, Millbrook Park will bring much needed amenity to the local community including supermarkets, restaurants, cafes and office space. Poly

Global will deliver an additional 706 apartments, including 134 affordable homes, and 1,400sqm of commercial and retail space.

Poly UK’s development site is located across the road from Mill Hill East Tube station, which reaches central London within 25 minutes in peak hours.

Millbrook Park currently holds a planning consent for 2,240 new homes, a primary school, local shops, emergency centre and 14.8-acres of open spaces and public parks, once complete, the development will see the creation of approximately 500 new jobs.

Knight Frank Partner, Charlie Dugdale said Poly Real Estate’s purchase marked a big vote of confidence in the London market.

“Importantly, this final parcel sale will bring forward ‘Millbrook Plaza’ – the retail and amenity hub that will bind the development with Mill Hill East station,” he said.

jbuckley@costar.co.uk

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