Sapcote Developments has sold the former Elizabeth Arden Perfume Factory in Park Royal to Essential Living for in excess of £28m.
The 2.8 acre site at the southern gateway – an Opportunity Area – near North Acton station, currently provides approximately 80,000 sq ft of serviced office accommodation.
Essential Living, who purchased the site unconditionally and which is due to complete on Thursday, is planning to invest circa £160m into the development and build 400-500 rented homes, which, they say, would be London’s largest bespoke private-rented sector (PRS) scheme in the capital to date.
Bruno Jaczkowski, Director in the Residential Land team at JLL who led on the sale comments: “We are delighted to dispose of this exciting development opportunity which will in turn provide London with its largest PRS development to date, helping the capital boost its much-needed supply of housing in a well-positioned Zone 2 London location.”
James Millar, Director at Sapcote said: “We have taken the decision to dispose of this prime residential development opportunity in an area that we believe is due to generate significant interest over the coming years, not least with the introduction of Crossrail in 2018.”