Posted: 30 Nov 2017
Leading PRS developer, Red Door Ventures has expanded its PRS portfolio by acquiring Cheviot House, in Commercial Road, Whitechapel, E1 from Sheen Lane Developments. Leading city law firm Devonshires, advised Red Door Ventures on the acquisition.
This development represents Red Door Ventures’ first development outside the London Borough of Newham and is a significant milestone in the expansion of the company.
Kent Taylor, Managing Director of Red Door Ventures comments, “We are pleased to have made this acquisition from Sheen Lane Developments and increase our rental portfolio considerably to 156 homes. Cheviot House represents another move towards providing quality private rental homes to Londoners. During 2017, we have had a number of other developments achieve planning permission which provides the company with a healthy development pipeline in Newham going forward.”
Cheviot House features 97 modern studio apartments for private rent, with high quality fixtures, oak wood flooring, fitted kitchens with appliances and designer bathroom suites. Each apartment has open plan living space and comes wired for Sonos audio and Sky Q. Additionally, each studio has intercom camera entry system as standard.
The steel-framed art deco Cheviot House, with its curved corners and fluted stonework round doorways, has an interesting past. It was built in 1937 for Kornberg & Segal textile merchants, and is believed to have been important to the East End’s Jewish rag trade heritage. It was then used primarily for Tower Hamlets council offices from 1948 before being leased out for commercial use.
In the 1950s, at the height of the Cold War and with the real threat of a nuclear attack on the UK, the building was reinforced for such event. It was planned that the building would be used as Stepney’s ‘Control Centre’ in the outbreak of nuclear war.
Triya Maicha, Partner at Devonshires said: “This transaction was completed within just eight weeks to meet the needs of both the vendor and our client. It involved three of our specialist teams, which provided support and advice across a broad range of areas including reviewing collateral warranties and construction appointments as well as financial matters such as property charging.”
Kent Taylor, continues: “We’ve been impressed by Devonshires’ support, assistance and professionalism throughout this transaction. The deal was completed quickly and efficiently, paving the way for a further two potential acquisitions in the near future.”
The apartments range up to approximately 500 sq.ft. in size and are ideal for those working or studying in the local area and looking for a professionally managed rental property close to the City.
The studio apartments will be professionally managed by Red Door Ventures, who already have a proven track record with schemes in Stratford, East Ham and Plaistow. Tenants will be able to let the studio apartments for a long term fixed price tenancies of up to five years, providing financial security for the period. The studios are also available unfurnished or with a furniture pack, so all they need to do is move in with their suitcases.
Kent Taylor concludes, “Our vision is to provide quality homes for private rent with additional services and facilities to make residents’ lives as easy as possible. Those moving into Cheviot House will be able to take full advantage of our Red Door Rewards scheme, which offers anyone living at a Red Door development, access to offers and discounts from a wide range of retailers, allowing residents to save money on anything from supermarket shops to holidays. The offers available are constantly being updated and new discounts are added on a regular basis.”
Cheviot House is located close to Whitechapel and Aldgate East stations, with Shadwell station providing connections on the new Elizabeth Line from 2018, giving easy access to Aldgate, Liverpool Street, Shoreditch and Brick Lane. Situated on the eastern boundary of London City, the development lies close to the Tower of London, Tower Bridge, Brick Lane, St Katherine Docks and King Edward Memorial Park. Commercial Road offers an eclectic mix of independent retailers, restaurants and leisure activities.
Studio apartments are available to rent from £1,150 per calendar month. For further information and to request a viewing please call Red Door Customer services on 0207 112 7564 or visit www.reddoorventures.co.uk