Developer sees the potential of London private rental market

03 May 2012 Categories: News

Developer sees the potential of London private rental market

The London property developer responsible for the £400million NEO Bankside development close to the Tate Modern has decided to retain one of the four ‘pavilions’ as a rental endeavour, even though it could easily be sold for in excess of £50million.

NativeLand, in conjunction with Grosvenor and Amcorp Properties of Malaysia, has bought Pavilion D of the NEO Bankside development with the help of the Lloyds Banking Group. This is their second significant rental investment inLondonand according to the company they will be looking for other prime private rental opportunities within the city.

Pavilion D comprises a range of apartments including studio, 1, 2 and 3 bedroom options. Rents are expected to start at around £400 per week for studio apartments and £2875 per week for 3 bedroom properties.

When asked about the acquisition chief executive ofNativeLand, Alasdair Nicholls said; “Our decision to retain a longer term investment in NEO Bankside through this acquisition, reflects our strong belief in the future of the rental market in primeLondonlocations. This also underlines the appeal of our developments as long-term real estate investments and we are keen to share the benefits that our investors in Pavilions A, B and C enjoy.”