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UK: Developer Prime Phenix has acquired a coliving development site in West Ealing from Luxgrove Capital Partners.
The 0.5-acre site at 96-102 The Broadway was sold for an undisclosed price.
The site benefits has detailed planning consent for a £90 million GDV coliving scheme featuring 268 bedrooms alongside amenity space and a roof terrace.
The site, between Singapore Road and The Broadway, has been vacant since the demolition of a four-storey Woolworths department store in 2019.
Dr Amir Naghsh, CEO of Prime Phenix, said: “West Ealing is exactly the type of opportunity we look to acquire at Prime Phenix – a prominent and well-connected site in a highly active London location with the scale and profile to deliver a standout scheme. Our integrated team enables us to take a scheme like this from acquisition through to completion with confidence, and construction is set to commence imminently. The development represents a significant regeneration opportunity for this part of The Broadway and will deliver a high-quality project that we believe will make a lasting positive impact on the area.”
“GLPG played an important role throughout the process, both in sourcing the opportunity and arranging the development funding with Zorin Finance and we are pleased to have Zorin alongside us for the delivery of the scheme,” he added.
Dean Leslie, director at GLPG, added: “Large scale consented coliving opportunities of this quality rarely come to market in London, so from the outset we knew this was a transaction that would require a huge amount of work behind the scenes to get over the line. There were a lot of moving parts across both the sale and financing, and credit should go to everyone involved for staying commercial and solution focused throughout the process.”
“What made this scheme particularly compelling was the combination of planning consent, scale and location. West Ealing has been transformed in recent years by the Elizabeth line and wider regeneration, and we continue to see strong demand from both investors and lenders for high quality living sector opportunities in well-connected London locations,” added Leslie.
William McKenna, director at Luxgrove Capital Partners, said: “This sale marks a major step forward in the continued regeneration of West Ealing. The development will transform a long vacant site into a vibrant new co-living destination, helping to attract new residents, businesses and investment into the area.”
Anthony Raud, head of development finance origination at Zorin Finance, said: “We are thrilled to be supporting Prime Phenix on what will be a landmark scheme. The Prime Phenix team brings strong delivery capabilities, while the amenities, location and connectivity will be highly attractive to residents. The Zorin Finance team remains committed to providing flexible funding solutions to address the ongoing undersupply of living sector stock across the UK.”
Highlights:
- Developer Prime Phenix has acquired a coliving development site in West Ealing from Luxgrove Capital Partners
- The 0.5-acre site at 96-102 The Broadway was sold for an undisclosed price
- It has detailed planning consent for a £90 million GDV coliving scheme featuring 268 bedrooms alongside amenity space and a roof terrace
