17 Dec Ealing social housing portfolio bought for £43m

Shepherds Bush Housing Group has purchased Project Oak, a 192-unit social housing portfolio, from Gerald Eve on behalf of a private charity client.

The long-leasehold units across Ealing are let on individual leases to social housing provider Plexus UK.

The units are comprised of one, two and three-bedroom flats within purpose-built blocks in Northolt, Southall and Greenford. The London Borough of Ealing owns freeholds of nearly 60% with the rest held by private landlords or housing associations.

Richard Lines, Partner at Gerald Eve, said: “We received huge amounts of interest in the portfolio with the sale’s process benefitting from mounting investor appetite in the residential sector combined with a surge in demand for socially responsible real estate.

“This was a rare opportunity which proved popular to a broad cross section of investor types, providing them with access of scale into the affordable housing sector. The portfolio offered a blend of long dated security underwritten by strong demand/supply dynamic, and good underlying vacant possession value.”

Andrew Matthews, Associate at Gerald Eve, added: “Our client has aggregated this portfolio since 2005, with the aim to alleviate homelessness in London through the provision of affordable housing accommodation.

“Having secured the units as social housing for the long term, our client’s decision to exit the portfolio and recycle the proceeds into further projects will benefit many in need of affordable housing accommodation.”