Prime Phenix has acquired a major development site at 96-102 The Broadway, West Ealing, in a transaction brokered by GLPG’s Agency team, with GLPG’s Capital Advisory team also securing the development facility for the purchaser to deliver the scheme. The site was sold by Luxgrove Capital Partners.
The prominent Uxbridge Road site benefits from detailed planning consent for a £90 million GDV co-living scheme comprising 268 bedrooms (Use Class: C1 Apart-Hotel), alongside substantial amenity space and facilities, including a roof terrace.
The 0.5-acre site, bounded by Singapore Road and The Broadway, has remained vacant since the demolition of the four-storey Woolworths department store in 2019. The original building was constructed in 1926 and traded until Woolworths’ nationwide closure in 2008.
Construction is expected to commence imminently, according to Dr Amir Naghsh, CEO of Prime Phenix, which is behind developments including Stirling Works on Bollo Lane, Acton and Oak Place in Slough.
Dr Amir Naghsh, commented: “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.”
GLPG, a leading multidisciplinary real estate group based in Marylebone, played a key role in both the disposal of the site and the financing of the project.
Dean Leslie, Director at GLPG, said: “Large scale consented co-living 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.”
West Ealing is currently undergoing significant regeneration, with several major residential and mixed-use developments approved along The Broadway and the surrounding area.
William McKenna, Director at Luxgrove Capital Partners, adds: “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.”
The site occupies a prominent position within a five-minute walk of West Ealing’s restaurants, shops, supermarkets and gyms, as well as West Ealing station and the Elizabeth line.
GLPG’s Capital Advisory team, led by Nick Swerner, acted as debt advisers on the project. Zorin Finance is providing funding for the development.
Nick Swerner, Director at GLPG Capital Advisory, said: “Getting a transaction like this funded takes far more than simply introducing a lender. It requires detailed involvement throughout the process, understanding how to navigate issues as they arise and keeping momentum between all parties from start to finish.
“Prime Phenix and Zorin Finance were excellent to work with throughout and together we were able to deliver a facility for what we believe will become one of the standout co-living schemes in West London.”
Anthony Raud, Head of Development Finance Origination at Zorin Finance, comments: “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.”
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