31 July 2014

Mishcon de Reya advises on former perfume factory purchase

Mishcon de Reya has advised Essential Living on its purchase of the former Elizabeth Arden perfume factory in Acton for around £30 million.

Acquired from Sapcote Developments, the site is set to become London’s largest scheme tailor-made for the private-rented sector (PRS) with 400 to 500 rented homes.

The 2.8-acre site is currently home to two multi-let office buildings comprising around 75,000 square foot of floor space, with occupiers including Property Week’s owner Metropolis International.

Essential Living intends to initiate a public consultation on its proposals for the site with a view to submitting a planning application to Ealing Council in 2015. The scheme is expected to include a mixture of rental homes for families and young professionals, as well as new public realm and the re-provision of multi-let office space.

Backed by U.S. real estate investment advisory firm M3 Capital Partners, Essential Living is one of the frontrunners in PRS development with sites in Maidenhead, Croydon, Archway, Swiss Cottage, Bethnal Green, Greenwich and Canary Wharf.

Real Estate partner Nick Minkoff led the Mishcon team with assistance from solicitors Olivia Glekin, Rebecca Taylor and Roopa Modi, while Wesley Fongenie (Consultant, joint Head of Planning) advised on planning with Jonathan Legg (Partner) and Sarah Howes (Solicitor) advising on tax.

Commenting, Charlie Hustler, Head of Land at Essential Living, said: “We are delighted to have secured this significant West London site. There were lots of different aspects to consider and the advice from Mishcon de Reya proved invaluable in our negotiations and due diligence. This is our largest and most complex scheme to date and Nick and his team’s advice has been instrumental in getting this over the line."