Partner Article

Imperial plots Old Oak Common student accommodation scheme following £30m deal

Imperial College London has reached an agreement to acquire half of Essential Living’s major buy to rent (BTR) scheme that forms part of the Old Oak Common regeneration zone.

The university has paid £30m for half of the property developer’s Perfume Factory scheme in Acton, which is based on the former Elizabeth Arden factory site, and will seek planning permission for a new 700-room halls of residence.

In turn, Essential Living will also submit plans for 450 flats on the site, which is also set to include significant commercial and leisure space.

The land itself sits minutes away from Imperial’s largest halls of residence at Woodward Buildings and will be a mere 11 minute walk from the Old Oak Crossrail station when it opens in 2018.

Martin Bellinger, Chief Operating Officer at Essential Living, said: “We are delighted to be partnering with one of the world’s most prestigious academic institutions which will further diversify the build to rent community we are creating at the Perfume Factory.

“We look forward to working closely with Ealing Council and the community as we set out the detail of our planning application.”

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