Medina Capital Investments has sold 300 Burlington Road in New Malden, south-west London, to Wandle Housing Association for £7m.
The site has planning permission for 41 apartments, all of which will be affordable.
Medina Capital Investments and Aitch Group secured planning permission for the site in 2016, which comprises the redevelopment of Albany House, an MOT garage on underutilised land.
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