Essential Living to sell Maidenhead BTR scheme

UK: Developer and operator Essential living has put Maidenhead build-to-rent property Berkshire House on the market.

A converted 1960s office tower, Berkshire House features 68 studio, one- and two-bedroom apartments across 14 storeys. Amenities include roof terraces, dining sites and coworking space.

Completed in 2018, the scheme was among the first in the UK to convert an office building into residential space. Essential Living will add the proceeds to its investment fund.

“Berkshire House has been an important part of our portfolio since 2013, and its performance over that period is a testament to the enduring strength of well-located, purpose-built BTR,” Essential Living CEO Jeremy Baker said. “This sale reflects our disciplined approach to capital allocation — reinvesting proceeds into income-producing, mixed-use schemes in London’s most supply-constrained submarkets, where we see the strongest long-term fundamentals. Our focus remains on building a portfolio that delivers for both residents and investors.”

Levy Real Estate and Allsop will handle the sale.

Highlights:

• Essential Living has placed Berkshire House, a 14-storey build-to-rent property in Maidenhead, on the market for sale.
• The property comprises 68 studio, one- and two-bedroom apartments converted from a 1960s office tower, with amenities including roof terraces, dining areas and coworking space.
• Completed in 2018, Berkshire House was among the UK’s first office-to-residential conversions and has been part of Essential Living’s portfolio since 2013.
• Essential Living chief executive Jeremy Baker stated the sale reflects the company’s capital allocation strategy, with proceeds to be reinvested into income-producing, mixed-use schemes in London’s supply-constrained submarkets.
• Levy Real Estate and Allsop are handling the sale.