Brent Council is considering buying two tower blocks containing nearly 300 flats from a property developer, in a deal worth more than £85 million.

Documents reveal the local authority plans to buy 294 homes, set to be built on the former Euro Car Parts site on Fulton Road, after planning permission was granted in March last year.

They make up part of a wider Wembley Park development, comprising 759 homes, as well as retail and commercial space.

The developer, Regal Homes Management Limited, is looking to sell the flats in tower blocks D and E as a package, with the building work expected to be completed in July, 2026.

The council's cabinet will make a decision on the purchase at an upcoming meeting. Housing officers have recommended that the cabinet approve the £85.6 million budget for the purchase, with each flat costing the council an average of £290k.

Block D will contain 118 one to three-bedroom flats, offering London Living Rent (LLR) – described as a type of affordable housing for middle-income Londoners that is calculated as a third of the occupant’s income.

The remaining 176 homes in Block D are again made up of one to three-bedroom flats but this time offering London Affordable Rent (LAR) – a non-binding target introduced by Mayor Sadiq Khan. They are not legal caps, and only really constitute benchmark targets. 

Housing demand in the borough is much greater for larger, family-sized accommodation but officers say the council “is always able to allocate one-bedroom homes”. 

The document says: “There are currently 799 households living in temporary accommodation that have a one-bedroom need. This is higher than two-bedroom demand at 692 and three-bedroom remains the highest at 1,096.” 

It adds: “This highlights the benefit that Fulton Road as a development will bring in meeting current housing demand.”

If the plan goes ahead, 10% of the fee will be paid when the contracts are exchanged, 12.5% as each block is completed, and the remainder paid monthly in accordance with the agreement.

The final decision on whether to approve the budget will be made at Monday’s cabinet meeting (February 6).

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