Europa and Addington JV completes re-development of One Lampton Road, Hounslow
Europa Capital, a pan-European real estate investment manager and its partner, Addington Capital, a property investment and asset management company, have completing the re-development of One Lampton Road, Hounslow.
This is a mixed-use office/retail building that has now been converted into a new PRS residential scheme of 118 residential homes, ready to launch.
The building, which was acquired by the joint venture in 2018, has been converted under permitted development rights to create new studio, one, and two-bedroom apartments. The developers have created a quality scheme with generously sized apartments, benefiting from large windows and lots of light.
This new PRS apartment block has been developed to appeal to young people, particularly young professionals attracted to the convenience and buzz of West London, but also the flexibility of renting in a high-quality rental scheme, with on-site management and maintenance.
The new PRS scheme is one of two, single ownership, professionally managed schemes in Hounslow and will be marketed and managed by AddLiving, Addington Capital’s sister residential lettings and management company.
The scheme also has attractive on-site amenities including: a residents’ lounge with co-working space, communal garden and a terrace garden, run and managed by the on-site team.
Hounslow is a thriving and diverse West London borough with 43 per cent of its population between the 20 and 44 age brackets*. There are 18,000 businesses located in the borough which has the highest concentration of media and broadcasting jobs in London. Hounslow is also home to entrepreneurs, start-ups and some of the world’s biggest multinationals. One Lampton Road is in the heart of the town and within 200 metres of Hounslow Central underground station.
Martin Roberts, Principal at Addington Capital, says: “There is sometimes stigma about PDR schemes and the quality of living accommodation that can be delivered - but in One Lampton Road, I believe we have created a high-quality product. Our research has shown that there is demand for quality but fairly and sensibly priced PRS in this location and we are expecting One Lampton Road to let well during the first half of 2021.”
This is the 5th scheme that Addington Capital has developed. It recently completed the development of Park House (30 units) and the Leylands in Leeds (17 units) and Queens Square in Sheffield (25 units).