After a successful introduction by Paul Hanison of Ian Scott International, Amiri Capital have now completed the acquisition of this John Nash-designed cresecent in Regents Park for £105m on behalf of private investors.
The investors have formed a private company, PCW Property Holding Ltd, which is expected to submit a planning application at the end of this year to transform the building into 80 luxury flats, worth in the region of £4-5m each.
The building, which overlooks Regents Park, was purchased from the Great Capital Partnership, a joint venture between Great Portland Estates and Capital & Counties.
The property currently comprises 120,000 sq ft of commercial space as well as residential accommodation over six floors. The proposed redevelopment wil increase the floor plan to around 170,000 sq ft, retaining the existing residential element.
With other nearby luxury schemes obatining between £2,000-£2,500 per square foot, the end value of this scheme is likely to be in the region of £320 -£400m.