Greystar acquires new site in London subject to planning
London, 14 June 2021 – Greystar Real Estate Partners, LLC (“Greystar”), a global leader in the investment, development, and management of high-quality rental housing, has purchased a 0.84-acre site in Battersea, London, subject to planning for £31 million.
The site currently houses a two-storey retail building let to Halfords and Pets at Home. It has base planning consent for residential, which was granted by the London Borough of Wandsworth in 2019. Greystar will propose a revised plan designed by architect Hawkins Brown for a new building containing nearly 500 units and ancillary commercial space.
Situated at the junction of Lombard Road and York Road in an established residential neighbourhood, the site is within walking distance of a variety of local shops and restaurants in both Battersea and Clapham. It benefits from excellent public transport connectivity, including National Rail links at Clapham Junction Station. Battersea Park is also within walking distance, with its sports centre, tennis courts and 200 acres of parkland.
Mark Allnutt, Senior Managing Director - Europe, Greystar, said: "The site provides an opportunity for us to deliver a development from the ground-up in a well-connected central London location. We are proposing a purpose-designed, highly amenitised concept that will bring a new type of product to this part of London to meet pent-up demand and emerging customer requirements. We look forward to collaborating with the London Borough of Wandsworth to refine our plans and hope to unveil our design later this year. There has been a surge of activity in the UK since Covid restrictions started to ease and we are actively looking for further acquisitions, so that we can continue to expand our European platform.”
Greystar was advised by Cushman & Wakefield; the vendor was advised by Savills.
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Greystar is a leading, fully integrated real estate company offering expertise in investment management, development, and management of rental housing properties globally. Headquartered in Charleston, South Carolina, Greystar manages and operates over an estimated $220 billion of real estate in nearly 200 markets globally including offices throughout the United States, Europe, South America, and the Asia-Pacific region. Greystar is the largest operator of apartments in the United States, managing approximately 729,000 units/beds, and has a robust institutional investment management platform with approximately $39.8 billion of assets under management, including over $18.3 billion of assets under development. Greystar was founded by Bob Faith in 1993 with the intent to become a provider of world-class service in the rental residential real estate business. To learn more, visit www.greystar.com