The Residential Land team at JLL has disposed of the former Elizabeth Arden Perfume Factory in North Acton on behalf of Sapcote Developments to Essential Living for in excess of £28m. The 2.8 acre site, which currently provides approximately 80,000 sq ft of serviced office accommodation, is located within the Southern Gateway Opportunity Area and is a landmark investment and development opportunity. 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 and working closely with Ealing Council, will transform the site into 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.”