Essential Living to Develop Riverside Rental Development in Greenwich
The Greenwich area is all set for a boost in high class rental properties with Essential Living acquiring a new site for development. The site– Greenwich Creekside East was purchased in January this year for £11million.
Located near the Greenwich Town Centre, the 1.18-acre site is the largest of three adjacent plots marketed for residential development with other landholdings lying within the London Borough of Lewisham. This is the seventh acquisition by the company Essential Living in 2014.
Rentals in Greenwich
South London is the best bet for affordable rentals. In Lewisham and Greenwich rents are reasonable. Rental flats in Greenwich enjoy high demand from professionals. They are more affordable in Lambeth, Southwark and Wandsworth.
Institutional Developer
This is UK’s first institutionally backed developer. In rented homes Essential Living has many properties in the market. It has 1,500 properties in the pipeline in the Greater London area itself.
Fantastic Location
Scott Hammond, Managing Director at Essential Living noted that Greenwich is a fantastic location with superb connectivity and gives a large family appeal with its expansive parks and riverside walks.
The new development property in Greenwich has space for 204 residential apartments and commercial units. Essential Living has moved a new application for a new scheme targeting the private rental market. Construction of the scheme will begin in 2015 and homes are expected to be available for rent by 2017.
Riverside Location
Essential Living intends will take advantage of the site’s riverside location to provide panoramic views of the river Thames. The plans include a 17-storey tower comprising one, two and three bedrooms built to investment grade quality with on-site amenities. It will reflect Essential Living’s ambition to transform renting into a lifestyle choice than a stopgap towards ownership.
Amenities
The proposed amenities will include concierge, club-room, rooftop communal terrace, storage rooms, cold room storage, car club, reading and communal room plus office suites.
Big Target
Essential Living is targeting the construction of 5,000 rented homes across London. Andrew Palmer, Head of London Residential DTZ said Creekside Village will be a catalyst in marking the emergence of a most desirable location. It is rightly expected that Essential Living with its focus on quality will deliver private rental homes to enhance the reputation of the new place as a ‘hot’ spot.
