The Gazette: Homes to be built for long-term rent
Thu 24 Sep 2015
ESSENTIAL Living has acquired a site in Brentford to create Hounslow's first development of homes designed for long-term rent. The 1.6 acre plot at 228-246High Street is currently let to Morrisons. ft was acquired for CI 6.25m from Columbia Threadneedle Investments, reflecting a net initial yield of 3.8%.Essential Living, a developer and manager of homes for rent, already has eight sites across London and the South East and plans to create a pipeline of 5.000 homes.The company will work on plans with Hounslow Council and key local stakeholders to create a new mixed-use scheme that includes vital new housing to the capital. Crucially, the homes will be built and managed solely for rent -without being sold off. Consultation will begin later in the year with a planning application anticipated next summer.
The site complements Essential Living's other west London project in North Acton, Plans for the Perfume Factory have been submitted to Ealing Council and are likely to be heard by the neighbouring borough's planning committee at the end of the year: The North Acton scheme will create around 600 homes for rent with a large amount of commercial space and public realm. In July, Essential Living was praised by Greenwich Council's planning board for its 'innovative' and 'forward thinking approach' to building homes for long-term.The council leader said Essential Living's Creekside Wharf scheme 'sent a dear message to the property industry'. Marsh and Parsons advisedEssential Living. Savills advised Columbia Threadneedle Investments. Charlie Hustler. and director at Essential Living, said: "We have remained focused on expanding our portfolio of sites across London and the South East and are delighted to be able to offer Hounslow its first development designed and built entirely for rent."