Telford Homes snaps up Perfume Factory BTR
Telford Homes has bought a 374-home build-to-rent scheme at Essential Living’s Perfume Factory in North Acton, W3.
The BTR developer paid £28.3m for the consented former art deco Elizabeth Arden site.
Essential Living bought the Perfume Factory in 2014 for £28m and sold half the site to Imperial College London for a 700-bed student scheme in 2017.
Telford Homes has bought a 374-home build-to-rent scheme at Essential Living’s Perfume Factory in North Acton, W3.
The BTR developer paid £28.3m for the consented former art deco Elizabeth Arden site.
Essential Living bought the Perfume Factory in 2014 for £28m and sold half the site to Imperial College London for a 700-bed student scheme in 2017.
The developer has been through various iterations of BTR plans for the second half of the site, with Ealing Council approving 376 flats in January this year. The sale marks an exit for Essential Living, which will use the capital on new value-add opportunities in London.
The Perfume Factory development will see three towers of 12, 16 and 25 storeys, less than a mile from the Old Oak Common regeneration area.
The acquisition follows Telford’s recent acquisition of Redrow’s 50% stake in the £180m Capital Interchange Way in Brentford, west London, where it will build 209 rental homes.
Telford has been progressing a number of new schemes around London in recent months, including a joint venture agreement with SGN for the acquisition and development of Rotherhithe Gasworks, which has capacity for 4,500 homes.
Jerome Geoghegan, group land and planning director at Telford Homes, said: “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.”
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Photo © Darling Associates Architects
