A residential development to fund a charity's new dream temple
Joining forces with Shree Swaminarayan Mandir Kingsbury, our development and project management arm helped the charity realise its ambitions by transforming its previous London site into 25 luxury apartments in order to help fund its new temple in Kingsbury, north-west London.
The Beaumont Project summary
Client
Helenslea Development Limited
Project value
£30m
Key partners
Wates, LTS Architects, Chapman BDSP, HRW
Services provided
Project and programme management, Consult
Sectors
Locations
UK and Europe, UK - London and south-east England
Project timeline
- Start date
- 2013
- End date
- 2016
Project story
Several years ago the Shree Swaminarayan Mandir charity realised its current site was too small to accomplish its vision of a new temple alongside sports and community facilities. While it sought to acquire a site in Kingsbury, generating funds via community donations and debt finance, the charity calculated that the cost to develop out the new facility would place a heavy financial burden on it for years to come.
The trustees of the charity came up with an innovative solution to team up with a development partner to help optimise the value of the existing site rather than simply sell it to a residential developer.
Collaborating with Mace’s development arm, our expertise provided the peace of mind and security for the charity to successfully deliver the redevelopment of its existing site into a prime residential scheme. This has meant the profits generated will be more than sufficient to repay the community loans and debt finance accrued, and realise the charity's dream of a new temple.
Project stats
“The involvement of Mace Developments was key for the bank, both in terms of comfort with the original proposal and subsequently the successful management and delivery of a challenging scheme. The end result was a high quality, forward sold product which greatly assisted the charity's long term plans.”
“People have dreams, but not all dreams become reality. Our dream of a fantastic, authentic Hindu temple along with a modern sports hall/community facility for the charity with no debt for this construction has come to fruition through our successful relationship over the past four years with Mace. It has been a pleasure to work with the Mace team.”
