PRS development site in East London sold to Patrizia
Monday, 20 June 2016
Share this story:
Trocoll House in East London has been acquired by Patrizia UK for the development of a 28-storey tower with detailed planning consent in place for 198 Build to Rent (“BTR”) units.
Leading property adviser, Bilfinger GVA advised the vendor CoPlan Estates on the sale and the BTR development opportunity of the existing site.
Located just 14 minutes from Central London in the centre of Barking, Trocoll House is adjacent to Barking Station, serviced by two London underground lines, one overground line as well as national rail services. The completed scheme will provide underground car parking space, a roof-top garden area with views across London, additional resident amenities and three retail units across 12,540 sq ft.
Patrizia UK plans to create a 150,000 sq ft landmark BTR tower in the heart of Barking with detailed planning consent already in place for 198 units. This will include the substantial expansion of the existing site to include 92 one-bed and 106 two-bed apartments developed specifically for the BTR sector.
Alastair Carmichael, Head of Real Estate Finance at Bilfinger GVA comments: “Our appraisal of the private rental potential of this site, and advising on the subsequent sale, presents a prime opportunity for abating the housing crisis through private investment. Barking already has an established private rental market in Barking town centre, making this an excellent site for a Build to Rent development.”
For more information, please contact Alastair Carmichael, Director at Bilfinger GVA on 020 7911 2201 or email@example.com