Greystar Real Estate Partners has purchased the Crown Trading Estate in Hayes, West London for £26.5 million in an off-market transaction for a managed fund.
Greystar plans to develop 407 purpose-designed apartments (318 build to rent and 89 affordable) for young professionals adding to its significant portfolio of 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 that are currently using it for commercial purposes and secured the complex planning permission from Hillingdon Council for the residential redevelopment.
Construction will begin once Greystar secures vacant possession of the site in September 2022. Practical completion is expected in Q3 2025 with 12,500 sq ft of commercial space delivered alongside the mix of one, two and three-bedroom apartments.
The introduction of Crossrail at Hayes and Harlington has been the catalyst for the redevelopment with strong employment in the area driving demand for housing. The site is close to Heathrow Airport – the UK’s largest single-site employer – and a number of business estates including Stockley Park, which is home to more than 30 companies including Apple, GSK and Mitsubishi. It is also near to the Old Vinyl Factory that, alongside office space, offers a host of restaurants, cafes and a three-screen cinema.
Jamie Spencer, Director – UK Investment, Greystar, said: “The site in Hayes is exactly the type of project we look for and we have a lot of confidence in the west London market following our experience at nearby Greenford Quay. 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. The existing rental housing stock is limited and largely in need of modernisation, so we anticipate strong demand for our product and service.”
Ryan Fairbairn, Development Director, EQUANS UK & Ireland, said: “With 12 landowners to work with, this has understandably been a complex and lengthy process, so we are thrilled to have now been granted planning permission and working collaboratively with Greystar.
“We will bring our expertise in transformative regeneration, low-carbon energy solutions and cutting-edge technical services, together with Greystar’s leading investment and development expertise, to create much-needed high quality accommodation for the West London market.”