A residential development to fund a charity's new dream temple
Joining forces with Shree Swaminarayan Mandir Kingsbury, our development and project management arm helped the charity realise its ambitions by transforming its previous London site into 25 luxury apartments in order to help fund its new temple in Kingsbury, north-west London.
The Beaumont Project summary
Helenslea Development Limited
Wates, LTS Architects, Chapman BDSP, HRW
- Start date
- End date
Several years ago the Shree Swaminarayan Mandir charity realised its current site was too small to accomplish its vision of a new temple alongside sports and community facilities. While it sought to acquire a site in Kingsbury, generating funds via community donations and debt finance, the charity calculated that the cost to develop out the new facility would place a heavy financial burden on it for years to come.
The trustees of the charity came up with an innovative solution to team up with a development partner to help optimise the value of the existing site rather than simply sell it to a residential developer.
Collaborating with Mace’s development arm, our expertise provided the peace of mind and security for the charity to successfully deliver the redevelopment of its existing site into a prime residential scheme. This has meant the profits generated will be more than sufficient to repay the community loans and debt finance accrued, and realise the charity's dream of a new temple.
Points of note
De-risking end sales for the charityThe Beaumont boasts a prime location in north-west London, comprising 20 two and three bedroom flats, with four three bedroom duplex apartments and one four bedroom unit. With one eye on the future, we delivered an attractive, cutting edge design, vital when attracting buyers. Thanks to our innovative sales strategy, each of the 25 properties has been sold off plan, de-risking the end sales process for the charity.
Meticulously working and reworkingOur early priority was to work with the charity to maximise the site’s potential, creating an effective density and layout to improve the existing planning consent. Detailed working and reworking of the spatial layouts, specifications and product selection for the apartments, meant that they were designed to achieve a Sustainable Homes Level 4 accreditation.
Crucial expertiseAs with any ambitious project, The Beaumont had its share of challenges. When the demolition contractor went into administration and the main contractor was acquired by another firm, our expertise was crucial in ensuring the project was delivered professionally and without delay to the construction programme. With the project complete and the development debt finance paid off, the remaining sales proceeds were used to pay down the debt in relation to the new temple and sports facilities.
“The involvement of Mace Developments was key for the bank, both in terms of comfort with the original proposal and subsequently the successful management and delivery of a challenging scheme. The end result was a high quality, forward sold product which greatly assisted the charity's long term plans.”
“People have dreams, but not all dreams become reality. Our dream of a fantastic, authentic Hindu temple along with a modern sports hall/community facility for the charity with no debt for this construction has come to fruition through our successful relationship over the past four years with Mace. It has been a pleasure to work with the Mace team.”