The current building from 1960s will undergo a major transformation into a structure with a distinct external stainless steel meshed frame on the upper floors to improve the building’s appearance.
The project known as ‘The Berkshire House’ is the first office-to-residential private rented sector conversion schemes to be fully approved by the UK planning commission.
According to the preliminary design plans, it will contain 68 PRS homes and a number of on-site facilities such as a ‘club-lounge’, top floor terrace and gym.
The construction works are expected to begin in early 2014.
Essential Living is the UK’s first developer and operator of rented homes and owns more than 1,500 properties across London and the South East of England.
The financial funds of $200m of equity come from M3 Capital Partners, who are responsible for U.S. institutional funds. According to the developer’s plans, the money will be spent on designing, building and managing a total of 5,000 rented homes across London and the South East.
The deal consists of a portfolio that involves schemes in Swiss Cottage, Bethnal Green, Archway and Elephant and Castle.
Martin Bellinger, chief operating officer at Essential Living, commented: “We’re delighted to have received approval for our plans to re-develop such an iconic yet underutilised building in Maidenhead.”