A major mixed-use regeneration project in Colindale, North London, is moving ahead after Royal London Asset Management (RLAM) and Kitewood Development Partner Ltd (KDP) agreed a £64m contract with national contractor Shepherd Construction to complete the first phase.

The development on Capitol Way, NW9 will see a 4.5 acre retail warehousing site transformed into a residential and retail community with 460 apartments spread across four six-storey buildings and a 17 storey tower on Edgware Road. There will also be 60,000 sq ft of retail space on the ground floor level, plus three levels of car parking for over 450 vehicles. Network Housing Group has acquired 215 of the properties.

Drew Watkins, Senior Fund Manager at RLAM, said: "Our Colindale development is an exciting high-quality project that unlocks the potential of a prominent site to provide much-needed housing, as well as a striking retail offering that will attract substantial new retailers and bring new employment to the area. It is a great example of how institutional asset managers can support the regeneration of communities whilst offering strong long-term returns to investors."

The first phase of the two-year construction programme is now underway.