Essential Living has announced the sale of half of its west London Perfume Factory scheme to Imperial College London for £30m.
The Acton site, part of the Old Oak Common regeneration zone, was purchased by Essential Living for £28m in July 2014 and gained planning consent last year for 550 build to rent homes. Essential Living will continue to develop homes for rent on the remainder of the site.
The historic former Elizabeth Arden factory on Wales Farm Road, W3 will boast over 1,000 homes across both sites, complete with extensive commercial and leisure space. Separate planning applications will now be submitted by both parties.
Imperial plans to develop around 700 units of student accommodation as part of new halls of residence, while Essential Living will work up designs for around 450 units, including affordable housing at discount market rent.
The Perfume Factory is a-five minute walk from the College’s existing accommodation at Woodward Buildings, two minutes from North Acton tube station and 11 minutes from the new Crossrail station due to open in 2018.
Crossrail and HS2 have seen Acton emerge as one of London’s most attractive and best-connected growth spots, with a wave of development activity revitalising the area.
Essential Living’s first scheme Vantage Point opened in Islington last September. Two more projects, Berkshire House in Maidenhead and Farrier House in Bethnal Green, open in April. Each build to rent project boasts expansive communal faciltiies and hotel-style service, raising the bar for London’s rental market.
Partner Nick Minkoff and managing associate Rebecca Taylor from Mishcon de Reya LLP advised Essential Living.
Martin Bellinger, chief operating office at Essential Living, said:
“We are delighted to be partnering with one of the world’s most prestigious academic institutions which will further diversify the build to rent community we are creating at the Perfume Factory. We look forward to working closely with Ealing Council and the community as we set out the detail of our planning application.”
Rebecca Taylor, managing associate at Mishcon de Reya LLP, who advised Essential Living, said:
“This deal underscores the level of demand for well-connected sites in London. Developing one of the country’s largest build to rent schemes side by side with Imperial will create a truly diverse new community that will no doubt attract further investment into Old Oak Common.”
Imperial’s Provost, Professor James Stirling, said:
“At Imperial, we are committed to enriching the wider student experience, as well as providing a world class educational experience. We know how popular Woodward Buildings are with our students, and I am delighted that we will be able to offer that experience to more of our students in the future.”
