Redevelopment from office into luxury residential of three adjacent Grade II listed buildings on Chancery Lane – in a prime London location at the border of Westminster and City of London
Area: 2 465 sq.m.
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.
Chancery Lane is a one-way street situated in the ward of Farringdon in the City of London. It has formed the western boundary of the City since 1994, having previously been divided between the City of Westminster and the London Borough of Camden. The route originated as a ‘new lane’ created by the Knights Templar from their original ‘old Temple’ on the site of the present Southampton Buildings on Holborn, in order to access their newly acquired property to the south of Fleet Street (the present Temple) sometime before 1161.
Chancery Lane takes its name from the historic High Court of Chancery, which started its association with the area when Robert de Chesney, the Bishop of Lincoln acquired the ‘old Temple’ in 1161.
The opportunity is to convert three existing office buildings (Class B1) totalling 2,465 sq m (26,533 sq ft)) to 34 self- contained luxury residential flats and creating roof terraces at fifth floor, also using part of basement area and part of ground floor . There will also be some parking provided for the new flats.
Planning permission /consent in place (subject to architectural drawings) to rearrange the use of basement area, part of ground and five upper flows to convert from office use (Class B1) to 34 luxury selfcontained residential flats in central/historical part of London
This project has been initiated and would be managed and marketed by a very reputable and experienced development company, bringing over 30 years of track-record in the construction and development industry. Their specific focus has been on constructing and managing luxury residential properties in London and its most luxurious suburbs. Very rare highly rewarding investment opportunity for short term equity 10 mln GBP for 15-18 months, with expected IRR 20% + (final number to be finalized based on precise exit sales figures) excluding cost of financing and fees.