Rental housing specialist Greystar Real Estate Partners has acquired the Crown Trading Estate in Hayes, West London, for £26.5 mln (€32 mln) in an off-market transaction for a managed fund.
Greystar plans to develop 407 purpose-designed apartments (318 build to rent and 89 affordable) for young professionals. The development will add to its portfolio of more than 14,000 owned and managed apartments and beds in multifamily and student accommodation across the UK.
Jamie Spencer, director – UK investment, Greystar, said: '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.'
Equans, part of the Engie Group, assembled the 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.
Construction will begin once Greystar secures vacant possession of the site in September 2022. Practical completion is expected in Q3 2025 with 12,500 ft2 (1,161 m2) of commercial space delivered alongside the mix of one, two and three-bedroom apartments. Residents will enjoy around 9,500 ft2 of amenity space at the scheme.
The site is close to Heathrow Airport and a number of business estates including Stockley Park.
Ryan Fairbairn, Development Director, Equans UK & Ireland, said: '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.'
Allsop advised Equans.
