New investment and development company Eastwood, which was formed out of the merger of TC Developments and Eucalyptus, has acquired a site in Hertford for a £50m mixed-use scheme.

Eastwood Caxton Hill

Eastwood has acquired the site to add to resi options in Caxton Hill

The acquisition is part of Eastwood’s plans to expand its pipeline of London and Home Counties homes from its current 500 to 5,000 in the next five years.

It bought the 7.5 acre Hertford Industrial Estate site in Caxton Hill, Hertfordshire, from LaSalle Investment Management, in partnership with VFund and ASK Partners.

It will submit a planning application for a mixed-use site to include private and affordable homes plus a range of commercial spaces.

Eastwood, which is led jointly by chief executive Joshua Prince, formerly of Eucalyptus, and managing director Philip Chadda, of TC Developments, now has a development pipeline of more than 500 residential units and is “seeking further new regeneration opportunities”.

“Eastwood merges the complementary skill sets, experience, contacts and access to capital that will allow us to deliver carefully considered mixed-use projects,” Prince said.

“Our focus will be Greater London and the Home Counties, where we can leverage our expertise to add value.”

Eastwood has several London and Home Counties schemes under way or in the planning process, including a 295-unit residential development in the Royal Docks, an office scheme in Woodford Green and a 12-flat scheme in Kennington, west London.