Sterling Cables development bought by Edmond de Rothschild

The Sterling Gardens development has been acquired by Edmond de Rothschild Real Estate Investment Management, according to the property press.

Multiple property publications have reported that the management company has bought the development, off Kings Road, for £34m.

It acquired the 119-unit residential from Nelson Group for its UK affordable housing fund called Funding Affordable Homes.

The flats sit on the old Sterling Cables tower site.

Plans to knock down the 1950s Sterling Cables tower and replace it with 167 apartments were approved in 2015 after a decade in the planning process.

The demolition squads made short work of the 250ft “iconic eyesore” which was torn down in May 2017, along with other buildings on the estate.

The scheme also includes a new road which will link Hectors Way, leading to Sainsbury’s, and Kings Road, while the widening of the Boundary Road bridge to two lanes will also be included in the project.

The homes will be managed by housing services provider Pinnacle under a management agreement.

Fund manager of Funding Affordable Homes Adrian D’Enrico said: “Sterling Gardens provides 119 high-quality, attractively designed homes in an accessible, town centre location.

“The acquisition highlights the role that institutional impact capital can play in delivering new, additional affordable homes using grant subsidy to support viability.”

It is reported that Funding Affordable Homes now has almost 900 homes in its portfolio across 11 schemes which are valued at approximately £160m.