Cheyne Impact Real Estate has acquired 45 residential units at a 3,463-home regeneration scheme in South Acton, London, from the Acton Gardens joint-venture partnership between Countryside Partnerships and housing association L&Q, in partnership with Ealing Council.
Advised by national property consultancy Carter Jonas, Countryside Partnerships and L&Q have sold Block B2 at Phase 8.2 of the project, one of London’s largest regeneration sites.
Cheyne Impact Real Estate launched in 2014 to tackle housing challenges in the UK through tailoring its housing investment strategy for each location and community, to address the specific local needs.
At Acton Gardens, Cheyne Impact Real Estate plans to provide a professionally managed private rental offering to a mix of private and key worker tenants on a tenure blind basis.
The key workers will pay a discounted rent, calculated to be affordable and sustainable based on their net disposable income. This will introduce a new affordable tenure type to this Acton Gardens phase, which elsewhere caters for private sale, other affordable rental tenures and shared ownership properties.
In addition, irrespective of private or key worker, all residents at the block will benefit from capped rental increases, thus creating longer term sustainability in a market where increasing household costs are putting financial strains on individuals and families.
Completed in the summer of 2023, the first section of Phase 8.2 at Acton Gardens has so far delivered a total of 98 new homes, including 32 affordable rent and 21 shared ownership homes on the site of the former Barwick House and South Acton Working Men’s Club.
Designed by architects Stitch, Phase 8.2 will enhance connections across the development, linking the new Acton Gardens Community Centre at the heart of the neighbourhood with Avenue Road to the north.
Adele Sanderson, Cheyne Impact Real Estate, commented: 'Cheyne’s mission is to make high quality and attractively situated rental homes available to those who cannot typically afford them.
'Countryside Partnerships and L&Q have developed the scheme to a very high standard, and we are excited to be able to offer these homes for a better rental experience, as well as to contribute to the stunning Acton Gardens regeneration by offering a further tenure type that caters to local key workers.
'Creating this affordable rental tenure for key workers at Acton Gardens demonstrates that the thesis we have already proven in other UK cities can be achieved in London also.'
Daniel King, managing director of Vistry Group West London, said: 'We are proud to have partnered with Cheyne Impact Real Estate to further improve the range of tenure options available at Acton Gardens through this transaction.
'The 45 new rental homes will complement the 50% affordable housing and private homes that we are delivering at the regeneration, all of which is being built tenure blind, with Cheyne’s professionally managed offering providing a high-quality rental option.'
