Essential Living puts 14-storey build-to-rent scheme on sale

The scheme includes roof terraces, dining spaces and co-working areas. Essential Living has owned the asset since 2013.

Essential Living said it decided to sell the scheme following a strategic review with investors. Proceeds of the sale will be recycled into its portfolio investment strategy, which focuses on mixed-use schemes across London. The landlord is disposing of individual assets on a case-by-case basis accounting for market dynamics.

Essential Living was established in 2012 by Evergreen Investment Advisors, a global investment manager that also owns student housing landlord Urbanest London and US multifamily landlord Raintree.

Essential Living currently has a pipeline of 2,000 multifamily homes, mainly in Transport for London Zones 1 and 2. It is also acquiring mixed-use, private rented sector-led assets across London under its HomeQuarters brand. HomeQuarters has a current gross asset value of £250m, with ambitions to scale in the coming years.

Jeremy Baker, chief executive of Essential Living, said: “Berkshire House has been an important part of our portfolio since 2013, and its performance over that period is a testament to the enduring strength of well-located, purpose-built build-to-rent.

“This sale reflects our disciplined approach to capital allocation – reinvesting proceeds into income-producing, mixed-use schemes in London’s most supply-constrained submarkets, where we see the strongest long-term fundamentals.

“Our focus remains on building a portfolio that delivers for both residents and investors.”