Southern Grove and Topland Group have bought a BHS department store in West Ealing, W13, which they intend to transform into a £70m luxury residential-led development.
The joint venture will shortly submit plans for the 140-flat scheme at 104-110 Broadway. The plans include 15,000 sq ft of shops on the ground floor.
The developers bought the site from the Thackeray Estate for £10m last month, according to the Land Registry.
BHS, which was sold by Philip Green’s Arcadia earlier this year to Retail Acquisitions for £1, occupies the site. Retail Acquisitions is in the process of undertaking a wide-ranging review of its store locations as it seeks to reinvent itself as a profitable retailer.
Ealing council is aiming to regenerate the local area on the back of Crossrail, which is expected to increase footfall on Broadway when the station opens in 2018.
Mayfair-based Southern Grove, which has built around 1,000 homes to date, has already looked to capitalise on Crossrail-linked areas.
It has previously worked with Ealing council on the 50-home redevelopment of the King’s Arms at Park Grove, The Vale, Acton, W3.