Developer Essential Living is pressing ahead with plans to build the first major build to rent scheme in the Old Oak Common regeneration zone in West London.
Essential Liiving gains outline planning for a major twin-tower scheme at the former Elizabeth Arden factory last year
Today Essential Living announced the sale of half of its Perfume Factory scheme in Acton to Imperial College London for £30m.
Essential Living gained outline planning for 534 rental homes last year at the after buying the site in its entirety in 2014 for £28m.
The new deal paves the way for 1,150 residential units. Essential Living will now submit detailed plans for a 450-home to rent scheme within the next six months. Imperial College will now works up its plans to develop a 700-room halls of residence project.
The historic former Elizabeth Arden factory on Wales Farm Road, will also involve extensive commercial and leisure space.
Martin Bellinger, chief operating office at Essential Living, said: “We are delighted to be partnering with one of the world’s most prestigious academic institutions which will further diversify the build to rent community we are creating at the Perfume Factory.
“We look forward to working closely with Ealing Council and the community as we set out the detail of our planning application.”
from Construction Enquirer http://www.constructionenquirer.com/2017/02/03/deal-spurs-major-prs-and-student-flats-at-old-oak-common/
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