Cheyne Impact Real Estate has acquired a £24.5m GDV site consisting of 45 homes in the £800m Acton Gardens regeneration, W3, from the Acton Gardens joint venture between Countryside Partnerships and L&Q.
Countryside Partnerships and L&Q sold Block B2 in phase 8.2 of the 3,463-home regeneration scheme.
The 52-acre development consists of 50% affordable housing and more social rent homes than existed on the estate before the project commenced.
The homes include a mix of one and two-bedroom flats and maisonettes, including accessible homes.
Cheyne will provide the homes as part of its strategy of delivering “additionality” and inclusivity by providing a professionally managed private rental offering to a mix of private and key worker tenants on a tenure-blind basis.
The key workers will pay a discounted rent, calculated to be affordable and sustainable based on their net disposable income. This will introduce a new affordable tenure type to this phase of Acton Gardens, which elsewhere offers private sale, other affordable rental tenures and shared ownership properties.
In addition, irrespective of private or key worker, all residents in the block will benefit from capped rental increases, thus creating longer term sustainability in a market where increasing household costs are putting financial strains on individuals and families.
Countryside Partnerships and L&Q were advised by Carter Jonas.
Daniel King, managing director at Vistry Group West London, said: “The 45 new rental homes will complement the 50% affordable housing and private homes that we are delivering at the regeneration, all of which is being built tenure-blind, with Cheyne’s professionally managed offering providing a high-quality rental option.
“The discounted rent available for key workers and capped rental increases was a crucial element of this partnership and will further improve the inclusivity and equity of Acton Gardens.”
Shaan Makwana, associate partner, BTR, at Carter Jonas, added: “This transaction demonstrates the appetite for collaboration between impact investors and sustainable, high-quality housebuilders.
“Acton Gardens is a prime example of Countryside’s ability to place-make and quickly establish new communities within regeneration schemes.
“Our team is experiencing heightened investment activity within the living sector and a continuous flow of new entrants and strategies into the market. Real estate impact investors in the UK play a crucial role in fostering positive change by channeling investment towards sustainable and socially responsible projects. Their commitment to creating lasting impact sets a commendable standard for our industry. The stability and long-term income streams associated with living sector projects continue to compel investors in such an economically dynamic environment.”
Image © Stitch Architects
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