VSM Estates was selected by the Ministry of Defence back in August 2006. It has now completed the outright acquisition of RAF Uxbridge from the MoD under Project MoDEL. The site covers a total of 110 acres, of which 45 acres are developable, and has planning consent for 1,340 homes and some 200,000 square feet of commercial office and retail development, as well as a new primary school, a 1,500-seat theatre and a 40-acre public park. The acquisition has been financed principally through a £60m, five year debt facility provided by HSBC, with additional equity provided equally by St Modwen and Vinci.
VSM has allocated 23 acres of the developable Uxbridge land to Persimmon for the development of 500 homes under St Modwen and Persimmon's existing joint venture arrangements. Construction is now scheduled to start here before the end of this year, St Modwen said.