Essential Living has acquired its seventh site in the opening days of 2014.
The development, Greenwich Creekside East, was purchased on the 2nd January for £11m from the LPA fixed charge receivers. DTZ acted on the disposal.
Located within 500m of Greenwich Town Centre, the 1.18-acre site was the largest of three adjacent plots being marketed for residential development – with the other landholdings falling within the London Borough of Lewisham.
The land currently has planning permission for 204 residential apartments and commercial space. Essential Living will be submitting a new planning application later this year for a new scheme designed specifically for the private rental market.
Construction of the scheme is scheduled to begin in 2015, with homes available to rent by 2017.
Working with Assael architects, Essential Living intends to take advantage of the site’s riverside location to provide panoramic views of the river Thames. Current plans for the site involve a 17-storey tower composed of one, two and three bedroom apartments.
The development will be designed specifically for the private rental market. Built to investment grade quality, it will feature a host of on-site amenities, as part of Essential Living’s ambition to transform renting into a lifestyle choice, rather than a stopgap to ownership.
Amenities will include a concierge, club-room, rooftop communal terrace, storage rooms, cold room storage, car club, reading/communal room and office suites.
Essential Living is the UK’s first institutionally backed developer and operator of rented homes and has a pipeline of over 1,500 properties across Greater London.
Backed by $200m of equity from M3 Capital Partners, who manage U.S. institutional funds, Essential Living plans to design, build and manage a total of 5,000 rented homes across London and the South East.
The deal joins a portfolio that includes schemes in Swiss Cottage, Bethnal Green, Archway and Canary Wharf.
Scott Hammond, Managing Director at Essential Living, said:
“Greenwich is a fantastic location with superb connectivity, but also has a large family appeal with expansive parks and riverside walks. It is a location that we believe will complement our portfolio as we strive to raise standards across the rental sector.
“We’re extremely pleased to be working with the London Borough of Greenwich to be providing this new tenure of housing.”
Andrew Palmer, Head of London Residential, DTZ said:
“DTZ have acted in the Greenwich market for a number of years and believe Creekside Village presents a catalyst site for the continued emergence of this desirable location. We believe Essential Living’s quality and all encompassing approach to the delivery of private rental homes will further enhance the area’s reputation as a new market ‘hot’ spot.”