Westfield is on the cusp of selecting a development manager for the residential scheme at its £1bn extension of the Westfield London shopping centre in White City, W12.
US private rented sector giant Greystar is believed to be in advanced talks with Westfield. The pair have previously worked together on residential schemes in the US.
Greystar is expected to secure the role ahead of parties including London Square, Exemplar and Native Land.
Consented Allies & Morrison-designed proposals for the 23-acre site would deliver 1,522 homes along with 830,70 sq ft of mixed-use space, including a John Lewis anchor store.
It has been almost four years since Westfield first announced its residential expansion plans at White City. In that time the Australian firm has been weighing up whether to develop the residential element primarily for private sale or as a private rented sector scheme.
The selection of Greystar would point towards Westfield’s commitment to a PRS-heavy scheme.
One market source said: “This has been up in the air for some time while Westfield decides on the various options it could pursue. In the event that it decides to keep the residential stock for PRS, then Greystar would be a very strong contender.”
Over the course of their discussions, Westfield has been working with Knight Frank to secure a joint venture partner for the opportunity.
Outline planning consent for the scheme was originally granted in March 2012, but revised plans were submitted to Hammersmith & Fulham council in December 2013 to include a John Lewis store.
“The focus has been on the retail and John Lewis extension, but once comfortable with these plans then the final residential plan will emerge,” said one market source.
Construction is due to begin this year, with an expected opening near Christmas 2017. The housing will be delivered in phases after the opening of the retail element.
