Chancery Lane

GDV: £70 mln
Chancery Lane

Location

The opportunity is situated in a historical part of London – Chancery Lane, one of the unique streets with very easy access to Westminster and City, within the Core Central Activities Zone and Strand Conservation Area. The area has seen a considerable transformation over the last decade with more reconstruction and improvement happening as well as values rising.

Description

Three existing office buildings (Class B1) totalling 2,465 sq m (26,533 sq ft) converted to 35 self-contained luxury residential flats with roof terraces at fifth floor, also using part of basement area and part of ground floor.

Investment Summary

Key Features

  • Scheme consists of 35 luxury residential apartments (26,533 sq ft) plus ground rents
  • Interior design by March & White – award winning designers with worldwide reputation
  • 14 apartments have already been sold at weighted average price of £2k per sq ft as of June 2019
  • 21 apartments plus ground rents valued at circa £32.4mln (bank valuation) and £36.4mln (agents’ valuation)
  • Sales are managed by CBRE and Knight Frank – leading agents on the luxury market in London
  • Building is fully run by Knight Frank Management with 24/7 concierge and facilities
  • Estimated Gross Rental Yield - 5.2% p.a. (2-3% guaranteed), Net Rental Yield - 4.6% p.a. (based on asking prices).