Build-to-rent developer Essential Living has appointed agents to sell its landmark scheme in Tower Hamlets, E15.
JLL and Savills have jointly been appointed to market the Infinity Towers scheme, which has planning for 395 homes across two towers reaching 31 and 37 storeys.
EL is seeking around £65m for the site and the scheme could have an end value of around £300m.
It bought the site at Two Trafalgar Way, also known as Helix, for £15.6m in 2014, but Essential says that further costs incurred in buying out interests to make the site viable pushed total cost up to around £30m.
EL had existing planning permission for 345 private flats and 69 affordable homes, but it amended the planning in 2014 and again in 2015. The current consent is for 395 flats with no affordable housing, but an affordable housing contribution of more than £17m will be made by the purchaser.
Sonny Dawes, associate director at JLL, said: “The consent achieved by EL is probably the last of a dying breed, with 100% private residential accommodation and 63% of all units either studios or one-beds – it’s a highly saleable scheme.”
Ed de Jonge, director at Savills, added: “This has always been a strong site both for build-to-rent and for sale.
“With the intense regeneration occurring locally, sale prices are strengthening off the back of growing demand and favourable currency swings, so it is likely to receive significant interest.”
EL is understood to have received a number of approaches for the site, as both a rental or for sale scheme, leading to its decision to sell it.
Since the departure last summer of its senior management team of Martin Bellinger, Scott Hammond and Ray Theakston, as well as land director Charlie Hustler, it has undergone a shake-up and changes in its ownership structure.
Chief executive Darryl Flay also stepped down from his role. He is no longer a director of the company but continues as an employee.
The departures were part of a restructure by real estate investment and advisory firm M3 Capital Partners. M3 has backed EL with $200m (£149m) from its investment company Evergreen Real Estate Partners.
In the three years after EL was set up in 2012 it made some of the most high-profile acquisitions in the newly emerging rental market sector.
However at the end of 2017 only three of its eight sites were operational, and construction is yet to begin on its Swiss Cottage, Canary Wharf and Acton schemes.
EL has said it is continuing to identify sites and its two schemes in Archway and Bethnal Green are full.
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