Telford Homes has completed the acquisition of the 1.1-acre Perfume Factory site in North Acton for €33.3m (£28.3m) from Essential Living. The scheme, which recently received full planning consent, will see the former Elizabeth Arden factory site transformed into a new purpose-built build to rent scheme, delivering 374 new homes and 1,403m² of commercial floor space across three residential towers comprising 12, 16 and 25 storeys, as well as public realm improvements.
The site sits within the heart of North Acton, which is currently undergoing rapid transformation, with thousands of new homes being delivered as well as significant transport improvements. It is also less than a mile away from the Old Oak Common regeneration area, which has been prioritised by the Mayor of London.
This significant acquisition adds to Telford Homes’ growing Build to Rent pipeline, following the recent conditional purchase of 1-4 Capital Interchange Way in Brentford. The scale of the Perfume Factory site presents an excellent opportunity to deliver a new sustainable community in London, creating rewarding opportunities for our partners, future residents and the local community. Construction work is due to start imminently and is set to be completed during 2024.
Jerome Geoghegan, Group Land & Planning Director at Telford Homes, commented: “We are delighted to add this significant new site to our growing Build to Rent pipeline in London. With the delivery of hundreds of new homes, shops and workspaces, next door to fantastic transport connections in the middle of a major opportunity area, we hope this scheme will play a key role in increasing housing delivery in North Acton.”
Robbie Myerson, Chief Investment Officer of Essential Living said: “We are pleased to achieve a strategic exit of the Perfume Factory, thereby enabling us to redeploy funds into further value add opportunities across Greater London. We wish Telford Homes every success with the development of the site.”
Matt Sharman of Levy Real Estate added: “It has been a pleasure to work alongside both Telford Homes and Essential Living to consummate a transaction that is strategically beneficial to both parties. Telford Homes are a leading Build to Rent developer and the completed scheme will add significantly to North Acton’s skyline.”