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DeVono Cresa helps give the iconic Hoover Factory a new lease of life

We are delighted to share the fantastic story which has featured in The Times and Property Week as the cover story. The feature celebrates the news that the iconic building has been given a new lease of life – as it becomes 66 residential units. Also highlighted within both articles is the crucial role that commercial property advisors, DeVono Cresa played in bringing the project into realisation.

In 1980 Elvis Costello sang about the Hoover Factory, the art deco building in Perivale, in the west London borough of Ealing.

Thanks to this ambitious restoration project, by the developer IDM Properties, it  is to become a wonder once more. Construction is currently underway and due for completion in Spring 2017 – which will see a transformation of the space into a range of studio to three-bedroom apartments,

The deal between Tesco and IDM Properties brokered DeVono Cresa means that the front of the building, which has been empty for 12 years, can be developed into the homes, while the supermarket continues to trade at the back.

Christian Desira – Head of Capital Markets, DeVono Cresa who negotiated the deal for IDM to buy the property from Tesco comments,

“We take special pride in the realisation of this project due to the amount of time and red tape to overcome and the careful negotiations needed.”

Read full story in The Times.
Read full story in Property Week.

The splendour of the Hoover factor_The Times-260816