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.
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.
Kent Taylor, Managing Director of Red Door Ventures said: “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 high quality private rental homes to Londoners.”
Triya Maicha, Partner at Devonshires added: “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, continued: “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.”
Cheviot House is located between Whitechapel and Shadwell Stations, close to the Tower of London, Tower Bridge, Brick Lane, St Katherine Docks and King Edward Memorial Park.