November 18, 2024
Fiera Real Estate (“Fiera”) and Angle Property (“Angle”) are delighted to announce the completed sale of Rectory Farm, Kings Langley to Cala Homes for £23m. The site covers 16 acres and includes a detailed planning consent for 135 new homes, community facilities as well as 6 acres of public open space.
Kings Langley was purchased by Angle Property in February 2018 for £8.16m, through Fiera’s Residential Land Partnership (“RLP”). RLP was launched in October 2017 to help address the significant undersupply of housing across the UK whilst generating strong returns to investors through the acquisition and transformation of sites for residential development. This transaction represents the fund’s sixth sale.
Angle swiftly secured planning consent for 55 new homes on 4 acres of previously developed land, which was then sold on to Miller Homes in 2020 for £9.14m. The remaining undeveloped greenbelt land was allocated for residential development in the draft Dacorum Borough Council local plan, however a joint application by Angle and Cala Homes for 135 new homes with 40% affordable housing was refused in October 2023. Angle proceeded to appeal the decision and following a public hearing in May 2024, the appeal was granted. A further Grampian condition relating to SANG (Suitable Alternative Natural Greenspace) was subsequently satisfied which in-turn enabled the sale to Cala Homes to complete in November 2024.
Chris Button, Head of Investment Management, Fiera Real Estate commented “This project showcases how the combination of institutional investment and property company planning skill can bring sites forward for much needed housing, whilst delivering attractive returns for stakeholders. Housebuilders are generally unwilling to take planning risk, so it takes a joint venture like ours to bridge the delivery gap.”
James Good, Director, Angle Property commented “This project has been quite a journey, so we are very pleased to have now completed the 2nd phase sale to Cala Homes after what has been a roller-coaster planning process. We always believed that the site had the right characteristics for residential development despite being technically greenbelt land. We are looking forward to seeing the scheme deliver 135 new homes and a new centre for the Sunnyside Rural Trust, an established local charity helping young adults with learning difficulties. The centre will include a café, repair and cycle hub, allotments and 6 acres of public open space alongside the Grand Union Canal”.