Mishcon de Reya advised key developer and operator of homes for rent, Essential Living, on a £30 million land sale to Imperial College London, which will see more than 1,000 homes built for rent in west London. The Acton site, part of the Old Oak Common regeneration zone, is London’s biggest consented build to rent development.
The transaction involved the College acquiring half of Essential Living's Perfume Factory scheme, with both parties set to lodge separate planning applications. As a result, student accommodation, market rent and discount market rent homes developed.
The Mishcon Real Estate team was led by Partner Nick Minkoff, supported by Managing Associate Rebecca Taylor.
Commenting on the transaction, Rebecca Taylor said: "This deal underscores the level of demand for well-connected sites in London. Developing one of the country’s largest build to rent schemes side by side with Imperial will create a truly diverse new community that will no doubt attract further investment into Old Oak Common."
Martin Bellinger, Chief Operating Officer at Essential Living, commented: “We are delighted to be partnering with one of the world’s most prestigious academic institutions which will further diversify the build to rent community we are creating at the Perfume Factory. We look forward to working closely with Ealing Council and the community as we set out the detail of our planning application.”
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