Citra Living has purchased 124 properties at the former European HQ of Ford Motor Company from Land Charter Group for £35.7m, with an anticipated gross ERV yield of 5.5%.
The one- and two-bedroom apartments, which form part of Land Charter Group’s 330-home regeneration project in Warley, Essex, were created following an office to residential conversion of Ford’s former headquarters, which the company left in 2019.
The original building, which was built in 1964 and was modelled on Ford’s global head office in Detroit, has been sensitively repositioned by the building’s original architects tp Bennett, with many of the historical features of its facade retained.
The on-site amenity provision includes a café, gym, shared workspaces, meeting rooms and residents’ lounge, dining room and BBQ areas.
Jack Buttleman from Land Charter Group said: “It’s Citra’s mission to provide a great rental experience in sustainable homes and communities. Warley HQ is a fantastic example of modern living made more attractive by the rich history of the building and surrounding area. It’s been fantastic to work with Citra on this deal given their experience in the sector, and we look forward to working with them on future opportunities.”
Andy Hutchinson, managing director of Citra Living, added: “It’s great to work with a family-run business like Land Charter that knows the value of community and maintaining historical architectural aspects while boosting the supply of much-needed high-quality, rented accommodation in this part of Essex.
“What’s striking about Warley HQ is the energy credentials of the building. By investing in a project which retains the original building structure, there are significant embodied carbon savings.
“This building has also been designed to accommodate those working from home with meeting rooms and high-speed internet. It also offers a variety of features to promote the overall health of the residents. There’s plenty to explore in the Brentwood borough, whether it be open countryside or boutique shopping, so everyone is catered for.”
William Shoebotham, partner at Allsop, which acted on behalf of the vendor, said: “Ford’s former Warley HQ is a superb example of an office-to-residential conversion through permitted development, an asset class which has been of increasing interest to investors and in which Allsop has built considerable expertise over the years.
“Thanks to Land Charter Group and its partners, this building has retained its historical features as well as acquiring new sustainable elements, making it well suited to the needs of modern occupiers. Located in a desirable part of Essex and benefitting from excellent transport links, the apartments will undoubtedly appeal to a broad range of home seekers, including commuters. As the UK rental crisis show no signs of abating, this development presented an excellent investment opportunity for the buyer, not least because of its strong sustainability credentials.”
