Barnet Council yesterday approved the appointment of Aviva Capital Partners and Stories to lead the redevelopment of Bunns Lane car park, next to Mill Hill Broadway station. The project will create much needed housing for the Mill Hill neighbourhood and support the economic objectives and prosperity of Barnet Council.
The scheme will see the delivery of new high-quality homes for local people, half of which will be affordable, supporting Barnet Council’s commitment to deliver more affordable housing. The council invited offers from developers to reimagine the current Mill Hill carpark site to deliver a residentially led mixed use scheme.
Proposals to be developed for the site will see a build-to-rent development delivered under a sale and leaseback model with the Council. Stories, who will lead the project, will engage with local groups, residents and businesses throughout to involve them in maximising the potential benefits of the scheme to the local community.
The project is the first for the recently announced joint venture between Aviva Capital Partners, Aviva’s in house capital unit, and B Corp developer, Stories. The Aviva and Stories partnership was formed to deliver purposeful development projects in the UK, engaging across the full spectrum of the property development process from design, planning and financing, through to completion and operation.
Paul Clark, Stories Co-founder said:
“Having grown up in the area, I am excited to have an opportunity to work with Barnet Council and local residents, businesses and groups to deliver something we can all be proud of on this important site. We are committed to pursuing a high-quality development with purpose, that delivers in the short and longer term for the Council, community and future residents. Bunns Lane is exactly the kind of complex project, critical to the local community that our partnership with Aviva was formed to tackle.”
Sophie White, Sector Head for Regeneration at Aviva Capital Partners said:
“Aviva Capital Partners is delighted to be investing in this project in Barnet. Investment in new, high-quality affordable housing is key to building sustainable communities and making a real difference to people’s lives. We formed our joint venture with Stories to create opportunities for new sustainable property investment which positively impacts communities and provides a retirement income for our customers, and this project will do both.”