Essential Living has bought a supermarket site in Brentford, Middlesex, for £16.25m from Columbia Threadneedle Investments, reflecting a net initial yield of 3.8%. The 1.6-acre plot at 228-246 High Street is let to Morrisons.
Essential Living said it will work up plans with Hounslow council and local stakeholders to create a new mixed-use private rental scheme.
Consultation will begin later in the year with planning to be submitted next summer.
Charlie Hustler, land director at Essential Living, said: “We have remained focused on expanding our portfolio of sites across London and the South East and are delighted to be able to offer Hounslow its first development designed and built entirely for rent.”
Marsh and Parsons advised Essential Living. Savills advised Columbia Threadneedle Investments.
