Imperial College London has paid £30m to acquire half of London’s largest Build To Rent scheme at The Perfume Factory in Acton, west London.
The university is expected to commission around 700 student flats to be built on the 2.8-acre site, once occupied by the Elizabeth Arden cosmetics factory.
Meanwhile Essential Living - the BTR developer which sold the part of the site to the university - is to submit a new planning application for BTR accommodation on the remainder of the site.
It is thought that 1,000 homes will eventually occupy the complete development - a mix of student accommodation and mainstream private rental properties.
“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” says Martin Bellinger, chief operating officer at Essential Living.