Europa Capital and Addington Capital have completed the acquisition of One Lampton Road in Hounslow from clients of LaSalle Investment Management for over €22.75m (£20m). The investment is the second acquisition for the London Affordable Residential Platform, which will focus on the creation and conversion of residential accommodation in undersupplied London markets.
The 121,812 ft² (11,316 m²) mixed-use property provides 72,571 ft² (6,742 m²) of office space and 49,241 ft² (4,574 m²) of retail space. One Lampton Road is occupied by tenants including TK Maxx, Job Centre and Sri Lankan Airlines, and has permitted development rights for conversion into 115 residential units. The property is located in the heart of the town and within 200 m of Hounslow Central underground station.
Hugo Black, Partner at Europa Capital said, “We are pleased to have made our second acquisition for the London Affordable Residential platform with Addington Capital. This is our 7th joint venture with Addington Capital and supports our continued drive to address the shortfall of housing in the UK. Since 2010, we have also acquired land with potential to deliver up to 8,600 residential units across 12 separate acquisitions.”
Martin Roberts, Principal of Addington Capital said, "We are continually looking for opportunities where we can put our asset management and development expertise into play and this acquisition will allow us to do both. One Lampton Road will complement Addington's existing PRS portfolio, which we plan to expand further going forward. "
Richard Merryweather, at Savills who advised the purchasers, commented: “We are delighted to have represented Addington and Europa on this acquisition. There are significant asset management opportunities and growth potential in this busy, West London location.’
Gerald Eve acted for the vendor, who were clients of LaSalle Investment Management.