Private rented developer Essential Living has bought a former perfume factory in Acton, west London, for conversion to a private rented homes development.
The site, currently home to two office buildings, has the potential to provide up to 500 homes, once redeveloped. Acton is currently the focus of much house builder and private rented sector activity, due to its position as one of the new Crossrail stations; this promises to provide residents with easy public transport access to central London and the City.
The site has the potential to take residential towers up to 20 storeys high, with a mix of homes. However, its offices are still occupied, and so any successful planning application could potentially lead to a residential project being completed no sooner than 2018.
Acton’s attractions mean others are taking an interest. Only last month, investor M&G forward funded a project in the area to develop flats specifically for rental.
Charlie Hustler, head of land at Essential Living, told Property Week: “This is our most ambitious project to date, both in terms of scale and scope. The housing offer will boast a range of high-quality apartments and mews homes, forming a truly sustainable community for west London.”
Essential is backed by US investor M3 Capital Partners, and is already under way on a number of projects. It has bought several sites including an office block in central Maidenhead for conversion to flats, and an office site in Swiss Cottage, where 200 apartments are planned. While Essential’s strategy of buying office blocks and then obtaining planning consent for conversion is risky and slow initially, it does offer the company the potential for greater returns from the portfolio they ultimately develop.