UK build-to-let specialist Essential Living, which is backed by global money, has made a fourth major acquisition, as part of its plan to design, build and manage a portfolio of 5,000 private rented homes across London and the South-East.
The £14m deal will transform two warehouses in Bethnal Green.
The site was purchased unconditionally from Albany Homes and has planning consent for 149 units above 13,000 sq ft of commercial space.
London-based Essential Living, which has $200m in equity funding from M3 Capital Partners, is the UK’s first institutionally-backed platform specifically created to design, build and manage rented homes.
Darryl Flay, chief executive of Essential Living, said: “Inner London is severely lacking in quality housing that is affordable to working professionals who fall between social housing and ownership, and we are delighted that the Mayor of London recognises the importance of expanding a more professionalised private rented sector.
“But through delivering a true rental brand, we want to make renting a lifestyle choice – not simply a stop-gap. We look forward to working with Tower Hamlets Council and developing our long-term interest in the community.”
Adam Challis, head of residential research at property firm Jones Lang LaSalle, which acted in the deal, said: “Build-to-let has been a part of the lexicon of the UK housing market since 2008, but we are finally at a stage where the theory is becoming reality.”
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