Developer EcoWorld London completes its second Build to Rent development at Kew Bridge in Brentford, delivering its latest homes as part of a record £400m deal in 2018 with Invesco Real Estate, the global real estate investment manager. The deal marks the culmination of one of the single largest commitments into the UK Build to Rent sector.
The final phase of 487 Build to Rent homes was officially handed over to management firm Apo, a sister company of EcoWorld London, in July 2022. Over 50% of the homes have already been let or reserved by Apo, putting it comfortably ahead of its target.
“The successful culmination of this landmark investment deal is a major milestone in our Build to Rent journey. We have worked closely with Invesco Real Estate and all our partners throughout to ensure that, despite the challenges posed by both Brexit and Covid-19, we delivered a scheme which truly resonates with customers and reflects the changing nature of urban living.
Investors are keen to get exposure to more operational forms of real estate, and with our development expertise and Apo’s operational know-how, we can support them throughout that process. This latest successful delivery and leasing is further proof to us that Build to Rent has a long-term future in the UK and we look forward to putting our experience to bear on more Build to Rent schemes as we progress our ambition of becoming the industry’s leading Build to Rent developer.”Heng Leong Cheong, CEO, EcoWorld London
The handover of homes at Kew Bridge formally marks EcoWorld London’s completion of the £400m transaction with Invesco Real Estate on behalf of one of its major US clients, for whom this was its first residential investment in the UK.
This milestone follows recent leasing success at Barking Wharf, EcoWorld London’s first scheme which was completed as part of the Invesco Real Estate deal. The 595 homes in Barking were let within 14 months – seven months ahead of expectations. The Build to Rent homes for both schemes are now managed by Apo.
The Build to Rent scheme – called Apo Kew Bridge – is designed to appeal to the growing demand for high-quality amenities by renters. Amenities at the development include a gym, social and co-working lounges, a secure rooftop play space and additional adaptable, flexible spaces.
“Looking at the site now, it’s amazing to see the transformation from an under-utilised piece of land to a vibrant new community. Since launching, we’ve really seen the growth of a genuine community within the development and an enthusiasm for being active participants in the wider local community. The scheme has extensive amenities for our residents, which will combine with new shops and cafes to create a great place to live. Our progress with lettings so far shows that the combination of product and living experience that we offer has a great market in West London.”Matthew Pullen, CEO, Apo Group Ltd
Apo Kew Bridge forms part of EcoWorld London’s wider Kew Bridge development– a £600m transformation of brownfield land into a new neighbourhood in West London – and a scheme which has been over 20 years in the making.
The Kew Bridge development also facilitated the delivery of Brentford Football Club’s new 17,250 seat stadium, alongside nearly 1,000 new homes, a new space for the Brentford FC Community Sports Trust, retail spaces and new public realm for Brentford. The open market sale homes, called Verdo, are due to complete from August 2022.
“The successful delivery of the second of our two Build to Rent schemes with EcoWorld London is a key moment in the delivery of this combined investment for our investor. We continue to see the benefits of our ongoing relationship with both EcoWorld London and Apo, as the Kew Build to Rent property has already performed ahead of our expectations, which is a great credit to all involved.
“We look forward to working with both the EcoWorld London and Apo teams across these two investments and to the possibility of future opportunities to continue this successful relationship.”John German, Managing Director, Residential Investments, Invesco Real Estate