Pictet - Pinnacle JV scores resi hat trick with Upton Gardens deal.
Pictet Alternative Advisors, in partnership with Pinnacle Investments, has exchanged contracts to acquire a single block of 55 apartments at Upton Gardens, East London
Upton Gardens is on the site of the former home of West Ham United football club, and has been regenerated by FTSE100 house builder Barratt Developments plc, into a new residential neighbourhood of over 800 homes
This deal marks Pictet’s third London residential investment of 2022 and fourth since launching its strategy following deals in Limehouse, Silvertown and Wandsworth
Brings the JV’s portfolio to 360 London rental apartments
Pictet Alternative Advisors, in partnership with Pinnacle Investments, has exchanged contracts to acquire John Charles Tower, a single block of 55 apartments at Upton Gardens, East London, with Barratt Developments. The Upton Gardens regeneration scheme is a new residential neighbourhood of over 800 homes, and is the former home of West Ham United football club, who moved to the London Olympic stadium, in nearby Stratford in 2016.
The block, which will be delivered this summer, comprises a mix of one, two and three-bedroom units for private rent, over 12 stories, and includes access to a gym, private gardens, concierge, underground parking, bike storage and an on-site car club.
The acquisition marks Pictet’s third London residential investment this year, and fourth since launching their strategy with Pinnacle following deals in Limehouse, Silvertown and Wandsworth. It brings the JV’s total portfolio to 360 apartments in central London.
Ed Jackson, Pictet, said: “We’re proud to have acquired this piece of football heritage in a well-presented residential scheme in East London. We’re coming in at the tail end of the Upton Gardens regeneration project, which is already a popular and attractive development with proven demand in this busy and vibrant inner-city location. We continue to believe in the London residential market, which perennially suffers from a lack of well-located, affordable and energy efficient homes.”
Chris Turnbull, Pinnacle, said: “We are delighted to have exchanged to acquire John Charles House, at the heart of the exceptional Upton Gardens masterplan. We look forward to welcoming our future residents to their new homes soon. They will enjoy spacious, affordable, energy efficient, dual aspect homes that benefit from both private and communal outside amenity.”