Former Glaxo site to become UK's largest private rented development

A new American property developer has unveiled plans to develop the UK's largest private rental scheme. Greystar is planning to UK has entered the UK residential market with its purchase of a 26.5 acre site in Greenford, West London for an undisclosed price. The Texas-based company will regenerate the site, formerly home to the GlaxoSmithKline and J. Lyons & Co. operations and near forthcoming Crossrail stations, in a mixed-use development with housing for rent and sale. 

The development is part of Greystar’s plans to introduce its multifamily proposition to the UK market. Widely adopted in the United States, the multifamily model reflects rental housing for modern lifestyles which offers residents high-quality accommodation with full on-site service and amenities along with the creation of a genuine community. Greystar is the largest multifamily operator in the United States and a large operator of student housing in the UK, and manages over 410,000 residences worldwide.

Wes Fuller, Executive Managing Director, Greystar, said: “We have aspirations to build a large portfolio of purpose designed and developed rental housing in London.  The under-supply of housing in London represents an attractive investment opportunity for us and our partners.  As a vertically integrated company, we intend to develop and operate the project utilising our team in London.”

Mark Allnutt, Managing Director, Greystar UK Multifamily Team, said: “We are working closely with the local community and the London Borough of Ealing to regenerate the site and create a true, sustainable, community.  The Greenford site represents our opportunity to introduce an entirely new way of living to the UK. The multifamily model allows people of all ages and life stages to enjoy the benefits of fully-managed properties with superior specifications and amenities. We believe that this marks the beginning of a revolution in the UK property market, and are proud to be leading the way”.