Telford Homes announces that it has completed a transaction to acquire The Perfume Factory 1.1 acre site in North Acton from Essential Living – for £28.3m. Matt Sharman of Levy Real Estate acted for both parties.
The site sits within the heart of North Acton – which is currently undergoing rapid transformation – with thousands of new homes being delivered and significant transport improvements. The site is also under a mile away from the Old Oak Common regeneration area, which has been prioritised by the Mayor of London.
“It has been a pleasure to work alongside both Telford Homes and Essential Living to consummate a transaction that is strategically beneficial to both parties. Telford Homes are a leading Build to Rent developer and the completed scheme will add significantly to North Acton’s skyline.”Matt Sharman, Levy Real Estate
The scheme, which recently received full planning consent, will see the former Elizabeth Arden factory site transformed into a new Build to Rent scheme. The development will deliver 374 new homes and 1,403 sqm of commercial floor space across three residential towers comprising 12, 16 and 25 storeys – as well as public realm improvements. Construction work is due to start imminently and is expected to complete during 2024.
“We are delighted to add this significant new site to our growing Build to Rent pipeline in London. With the delivery of hundreds of new homes, shops and workspaces, next door to fantastic transport connections in the middle of a major opportunity area, we hope this scheme will play a key role in increasing housing delivery in North Acton.”Jerome Geoghegan, Group Land & Planning Director, Telford Homes
This significant acquisition adds to Telford Homes’ growing Build to Rent pipeline, following the recent conditional purchase of 1-4 Capital Interchange Way in Brentford. The scale of The Perfume Factory site presents an excellent opportunity for Telford Homes to deliver a new sustainable community in London, creating rewarding opportunities for their partners, future residents and the local community.
“We are pleased to achieve a strategic exit of The Perfume Factory, thereby enabling us to redeploy funds into further value add opportunities across Greater London. We wish Telford Homes every success with the development of the site.”Robbie Myerson, Chief Investment Officer, Essential Living