Greystar acquires the Crown Trading Estate for BTR

Greystar announces today that it has acquired the Crown Trading Estate in Hayes, West London for a new Build to Rent scheme.

CGI of Greystar's Build to Rent scheme at the Crown Trading Estate in Hayes | EQUANS | BTR News
CGI of Greystar's Build to Rent scheme at the Crown Trading Estate in Hayes.

Global leader in the investment, development and management of high-quality rental housing – Greystar Real Estate Partners, LLC (Greystar) – announces today that it has acquired the Crown Trading Estate in Hayes, West London for £26.5m in an off-market transaction for a managed fund. 

Greystar plans to develop 407 purpose-designed apartments – a mix of 318 Build to Rent and 89 affordable and is ideal for young professionals. This new acquisition will add to Greystar’s significant portfolio of over 14,000 owned and managed apartments and beds in multifamily and student accommodation across the UK.

EQUANS – part of the ENGIE Group – has assembled the Crown Trading Estate site from 12 individual landowners that are currently using it for commercial purposes, and secured the complex planning permission from Hillingdon Council for the residential redevelopment. 

With 12 landowners to work with, this has understandably been a complex and lengthy process, so we are thrilled to have now been granted planning permission and working collaboratively with Greystar.

“We will bring our expertise in transformative regeneration, low-carbon energy solutions and cutting-edge technical services, together with Greystar’s leading investment and development expertise, to create much-needed high quality accommodation for the West London market.”

Ryan Fairbairn, Development Director, EQUANS UK & Ireland

The new Build to Rent scheme on the Crown Trading Estate will deliver a mix of one, two and three-bedroom apartments with 12,500 sq ft of commercial space. It will also provide around 9,500 sq ft of amenity space supported by an onsite management team once it’s operational. Construction will begin once Greystar secures vacant possession of the site in September 2022. Practical completion is expected in Q3 2025.

The introduction of Crossrail at Hayes and Harlington has been the catalyst for the redevelopment, with strong employment in the area driving demand for housing. The site is close to Heathrow Airport – the UK’s largest single-site employer – and a number of business estates including Stockley Park, which is home to over 30 companies including Apple, GSK and Mitsubishi. The site is also near the Old Vinyl Factory that, alongside office space, offers a host of restaurants, cafes and a three-screen cinema. 

“The site in Hayes is exactly the type of project we look for and we have a lot of confidence in the West London market following our experience at nearby Greenford Quay. The demographics are attractive with Hayes forecast to have one of the fastest growing populations in London through to 2026 and a wealth of employment in the area. The existing rental housing stock is limited and largely in need of modernisation, so we anticipate strong demand for our product and service.” 

Jamie Spencer, Director – UK Investment, Greystar