Rental housing specialist Greystar Real Estate Partners has paid £26.5 million for a west London trading estate where it is planning to develop over 400 apartments.
The Crown Trading Estate was acquired in an off-market transaction for a managed fund. Greystar plans to develop 407 apartments of which 318 will be build to rent and 89 will be affordable, aimed at young professionals.
The company now has more than 14,000 owned and managed apartments and beds in multifamily and student accommodation across the UK.
Equans, part of the Engie Group, assembled the site from 12 individual landowners and secured planning permission from Hillingdon Council for residential redevelopment.
Greystar will obtain vacant possession of the site in September, allowing construction to begin. Practical completion is expected in Q3 2025.
Greystar said that the inclusion of Hayes and Harlington on the new Crossrail route was the catalyst for the redevelopment and the site is close to Heathrow Airport.
“The demographics are attractive with Hayes forecast to have one of the fastest growing populations in London through to 2026 and a wealth of employment in the area,” said
Jamie Spencer, director UK Investment, Greystar.