Deal signed for residential scheme
by James Wood Thu 10 July 2014, 3:07 pm
One-hundred and fifty-two private rented homes are to be developed within two towers in Acton.
The £43.5m Victoria Square scheme will be developed by joint-venture partners HUB and M&G Real Estate.
It will provide a mix of one, two and three-bedroom apartments and is part of the Acton regeneration scheme being led by Ealing Council.
On completion, Victoria Square will be held within a UK residential investment strategy, managed by residential fund manager, Alex Greaves.
Greaves said: “For far too long, renting has been seen as a stepping stone to home ownership and, at times, even a backward step. These 152 built-for-purpose rental homes are a clear statement that renting can be the tenure of choice for an upwardly mobile workforce who require the flexibility of renting but, who also want high quality service and support, to feel able to lay down roots and settle for longer should they wish.”
Andrew Matin, managing associate at corporate law firm, Addleshaw Goddard, spoke about the need to increase housing supply: “At a time where housebuilding is falling behind demand, mid-market housing is in even shorter supply," he said. "This is why it is vital businesses like HUB’s are encouraged to create housing for existing urban dwellers. By definition, homes built for renting won’t be sold off and left empty – they’ll be let in many cases to people working in London.
"It’s no surprise that the scheme, to which M&G is providing forward funding, will be created in Ealing, one of London’s most proactive boroughs when it comes to development."