The Acton Gardens joint-venture partnership between Countryside Partnerships (part of Vistry Group), the UK’s leading mixed-tenure developer, and L&Q, one of the largest housing associations in the country, in partnership with Ealing Council, has sold 45 residential units at the 3,463-home regeneration of the former South Acton estate in West London to Cheyne Impact Real Estate.
Advised by Carter Jonas, Countryside Partnerships and L&Q have sold Block B2 at Phase 8.2 of the project to Cheyne Impact Real Estate. Block B2 comprises 45 residential units at one of London’s largest regeneration sites, amounting to 32,067 sq ft in a mix of one and two-bedroom apartments and maisonettes, including accessible units.
Cheyne Impact Real Estate launched in 2014 to tackle housing challenges in the UK through tailoring its housing investment strategy for each location and community, to address the specific local needs.
At Acton Gardens, Cheyne Impact Real Estate will continue its strategy of delivering additionality and inclusivity by providing a professionally managed private rental offering to a mix of private and key worker tenants on a tenure blind basis. The key workers will pay a discounted rent, calculated to be affordable and sustainable based on their net disposable income. This will introduce a new affordable tenure type to this Acton Gardens phase, which elsewhere caters for private sale, other affordable rental tenures and shared ownership properties. In addition, irrespective of private or key worker, all residents at the block will benefit from capped rental increases, thus creating longer term sustainability in a market where increasing household costs are putting financial strains on individuals and families.
Completed in the summer of 2023, the first section of Phase 8.2 at Acton Gardens has so far delivered a total of 98 new homes, including 32 affordable rent and 21 shared ownership homes on the site of the former Barwick House and South Acton Working Men’s Club.
Designed by architects Stitch, Phase 8.2 will enhance connections across the development, linking the new Acton Gardens Community Centre at the heart of the neighbourhood with Avenue Road to the north.
Acton Gardens is a 52-acre comprehensive redevelopment of the former South Acton estate in west London – a £800 million investment creating 3,463 new mixed-tenure homes. The development delivers 50% affordable housing and more social rent homes than previously existed on the estate before the project commenced.
Adele Sanderson, Cheyne Impact Real Estate, commented:
“Cheyne’s mission is to make high quality and attractively situated rental homes available to those who cannot typically afford them. Countryside Partnerships and L&Q have developed the scheme to a very high standard, and we are excited to be able to offer these homes for a better rental experience, as well as to contribute to the stunning Acton Gardens regeneration by offering a further tenure type that caters to local key workers. Creating this affordable rental tenure for key workers at Acton Gardens demonstrates that the thesis we have already proven in other UK cities can be achieved in London also.”
Daniel King, Managing Director of Vistry Group West London, said:
“We are proud to have partnered with Cheyne Impact Real Estate to further improve the range of tenure options available at Acton Gardens through this transaction. The 45 new rental homes will complement the 50% affordable housing and private homes that we are delivering at the regeneration, all of which is being built tenure blind, with Cheyne’s professionally managed offering providing a high-quality rental option. The discounted rent available for key workers and capped rental increases was a crucial element of this partnership, and will further improve the inclusivity and equity of Acton Gardens.”
Darren Parker, Director of Development and Regeneration at L&Q commented:
“We are very proud of our track record at Acton Gardens and the work we have put in together with our partners Vistry/Countryside and LB Ealing for the past ten years. Acton Gardens is a truly inclusive, successful community, diverse and open to all and the addition of these new key worker homes will complete this picture. We are therefore very happy to welcome Cheyne Impact on board in this partnership and delighted to welcome the new residents to the local community at Acton Gardens.”
Shaan Makwana, Associate Partner, BTR, Carter Jonas, added:
“This transaction demonstrates the appetite for collaboration between impact investors and sustainable, high-quality house builders.
“Acton Gardens is a prime example of Countryside’s ability to place-make and quickly establish new communities within regeneration schemes.
“Our team is experiencing heightened investment activity within the living sector and a continuous flow of new entrants and strategies into the market. Real Estate impact investors in the UK play a crucial role in fostering positive change by channelling investment towards sustainable and socially responsible projects. Their commitment to creating lasting impact sets a commendable standard for our industry. The stability and long-term income streams associated with living sector projects continue to compel investors in such an economically dynamic environment.”