UK: Amro Partners has acquired a 200,00 square foot office building in Sutton, south London.
located directly opposite Sutton train station, the property will be converted to Amro’s next BTR project, taking the company’s total transaction volume since inception in 2012 to more than £1 billion.
The £170 million GDV project will deliver around 450 BTR homes with shared amenities including coworking spaces, gym and wellness centre, residents’ lounge, cinema room and roof terraces.
In retaining and extending the existing 1970s office building, Amro says it will deliver one of Europe’s most sustainable residential assets with significant embodied carbon savings. The building will target ratings of BREEAM Outstanding, Fitwel 3* and WiredScore Platinum in line with Amro’s pledge to become a net zero carbon company by the end of 2025.
The proposal is for a retention of the existing concrete structural frame, comprised of two interconnected towers, and a vertical extension to create a mixed-use scheme with commercial space on the ground floor.
The site has been purchased subject to planning, with development work scheduled to commence on site in early 2024 and the completed property opening in 2026.
Amro co-founder and managing director Raj Kotecha said: “Due to the embodied carbon reuse, this will be one of the most sustainable residential buildings in Europe upon completion. Demand for energy-efficient, professionally managed rental homes is strong and growing, and this project will help meet the needs of young professionals and families locally while playing a key role in the wider regeneration of Sutton town centre on an important ‘Station Gateway’ site.”
“This acquisition represents a major milestone in the evolution of Amro since we launched a decade ago, taking us over £1 billion in total transaction volume, and we remain focused on our target of delivering 5,000 highly sustainable multifamily homes across the UK over the next five years.”
Earlier this year, Amro acquired a hotel in nearby Croydon for conversion to BTR usage.
