Criterion buys Essex resi project

Criterion Capital has completed the acquisition of a £15 mln (€18 mln) residential development project in Thurrock in the UK county of Essex.

The 2.64 acre site was acquired from administrators after its previous owner went into receivership before completing construction. The site has planning consent for 140 residential units including 62 units pre-sold to Family Mosaic.

The Acorn Group, which manages Criterion’s residential portfolio, advised on the deal.

'We have substantial funds available to invest and the acquisition of the Howard Road site in Thurrock is one of many opportunities that we are looking at,' commented Asif Aziz, CEO at Criterion Capital.

'We are specifically targeting sites within London and the South East that can provide a minimum of 50 residential units for let to the private rented sector,' he added.

Criterion, which owns the iconic London Trocadero and The Burberry Building in Knightsbridge, previously specialised in commercial property before branching out into residential build-to-let. In 2011, the company bought a stalled development at Trundleys Road, Surrey Quays comprising 138 residential homes with a gross development value of over £40 mln. The scheme was fully let on completion.

'There is exceptional demand for high-spec rental properties in Surrey Quays from young professionals working in The City and Canary Wharf. All of the apartments were let prior to completion for the asking price or above,' said Paul Deveney, director at buy-to-let specialists The Acorn Group, who managed the development on behalf of Criterion Capital.