Bangarra Group awards real estate mandate

Family office Bangarra Group has appointed a real estate fund manager to help it build more than 3000 homes in the UK, of which one third will be dedicated to affordable housing.

London-based Fairway Capital has won the investment adviser and manager mandate to redevelop Crown Golf, Bangarra Group's real estate portfolio comprising eight major golf courses.

The project aims to enhance the asset value of the real estate portfolio by retaining many golfing facilities and aligning housing opportunities with the UK's Labour Party's pledge to build 1.5 million new homes over its first five years in power. The redevelopment touted to be worth £1.25 billion is expected to take up to six years.

Fairway Capital said it has identified that the Crown Golf portfolio can assist with the UK government's delivery of much needed affordable housing with sites at many urban areas offering the potential to deliver close to 1000 affordable homes.

Crown Golf covers 1432 acres across Greater London, the South-East and South-West of England and includes the flagship St. Mellion Estate in Cornwall. It employs more than 500 staff and has annual turnover of about £18 million.

Crown Golf Group chair Campbell Fleming and Bangarra Group executive chair Anil Nair said: "Fairway Capital has substantial real estate investment, planning and design expertise and a proven track record in managing housing delivery. Both companies have an entrepreneurial approach and shared strategic vision for the portfolio and Fairway Capital will help ensure that development

proposals are aligned with Labour government and local planning policy, which is the key to successful housing delivery."

Jeff Chapman, who founded Bangarra Group in 2000, also owns Bennelong Funds Management, which has total assets under management of £5 billion. Bangarra Group operates in Australia, Europe and the US.

Fairway Capital chief executive George Brooksbank said: "Our review of the estate and the number of new market sale and affordable homes that could be provided is still at an early stage so our calculations are merely a broad guide at present, and could be more or less, subject to planning and other variables. However, the potential housing provision is substantial, so we are all excited about the journey and partnership that has commenced."

Fairway Capital recently won a planning approval from Westminster City Council for a new £50 million housing and office development in a London conservation area.