Wogman Family Group is selling its build-to-rent scheme Dalston Works, E8, for offers in excess of £55m.
CBRE has been appointed to market the scheme at 69-73 Dalston Lane. It comprises 121 residential units of one, two and three bedrooms across a net area of 74,992 sq ft, with a further 38,740 sq ft of commercial space.
Investors will be able to purchase the residential component for over £55m, or both the residential and the commercial component for a higher undisclosed amount. The freehold title is also included.
The scheme is owned by Wogman Family Group companies and was developed by Regal London. The BTR component is operated by Native.
Building construction was completed in June 2017 and the residential component is 96% let.
The site also offers landscaped courtyards, office space, bike racks and an on-site restaurant and gym.
Annual private rents total £2.74m, with an additional £321,000 from commercial tenants including Kula Yoga, RWD Street Team and Mambo Bar.
The development has a further 25,708 sq ft of commercial space currently remaining.
Wogman Family Group managing director, Gavin Wogman, said: “Dalston Works was some years in the making and has turned out to be a landmark, award-winning development.
“The Wogman Group is now concentrating on city fringe developments and investments in the market.”
Mark Clegg, senior director for residential investment and development at CBRE, said: “Dalston Works represents an excellent opportunity to buy an up and let new build residential block of scale. We have received strong interest domestically and from the overseas market. This gives a clear indication of the strength and depth of the build-to-rent market in London and the UK.’
‘The location and high quality of the development as well as extremely strong letting history makes this a very attractive proposition to purchaser’.
Dalston has become an affordable alternative to East London’s Shoreditch, attracting tech and media companies with lower rents.
In June Aprirose acquired a £40m aparthotel development on Kingsland Street.
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