Property developer Weston buys Watford Laundry Factory for £85m
Property developer Weston Homes has bought the historic Watford Laundry Factory for £85m as it begins work on a new residential development.
The company will transform the site into a new scheme providing 227 new homes and a new commercial facility.
The Watford Laundry Factory was founded in 1907 and has a long history of providing laundry services to London’s five-star hotels, the Old Bailey and Harrow School.
The development will create 162,000 square feet (sq ft) of new homes for private sale, as well as 15,000 sq ft of affordable housing.
Chief executive Bob Weston said: “Our acquisition of the Watford Laundry Factory is the latest in a series of site purchases that Weston Homes is in the process of undertaking as part of our ongoing major expansion.
“Over the last six months the business has acquired 10 new sites including a series of major regeneration projects within Greater London. We now have a development portfolio of over 7,500 new homes with a completed value approaching £3bn.”
Weston said preliminary works have started on the site, with a two-year construction programme set to begin in the autumn.