Housebuilder pays more than £400m for National Grid’s share in JV

The Green Quarter is being created from a former gasworks site in Ealing

The Green Quarter is being created at a former gasworks site in Ealing

Berkeley Group has snapped up National Grid’s 50% interest in a joint venture to regenerate former gasworks’ sites in London and the South-east for £412.5m.

The developer and housebuilder now owns the whole of St William Homes, which is expected to deliver around 25,000 new homes on sites no longer needed by the utility.

The JV was created after Berkeley bought National Grid’s former gasworks site at Southall’s Green Quarter in west London, where 550 of 3,750 homes planned for the mixed-use development have been built.

There are now 24 sites that are owned or contracted to St William, which was created in 2014 to turn former gasworks into mixed-use residential developments.

The JV has already delivered 1,100 homes on a further three smaller sites.

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