Press Release – 90 North acquires prime commercial property in Westminster
Independent real estate investment adviser 90 North Real Estate Partners LLP (“90 North”) has completed on the acquisition of 33 Greycoat Street, London, on behalf of Greycoat Property Investments Limited (“Greycoat”), a consortium of Gulf and European based investors.
Greycoat is currently reviewing options for the future of 33 Greycoat Street which include converting the five-storey building into 24 apartments consisting of one, two and three bedrooms, or to carry out a comprehensive refurbishment of the building and re-let it in its current office use. The property, which has been purchased for £14m, is expected to have a final developed value of £38,000,000 subject to planning consent being achieved.
33 Greycoat Street, SW1, is situated in one of London’s most prestigious and historic areas in close proximity to the Houses of Parliament, Westminster Abbey and the River Thames, while the international renowned cultural and retail amenities of the West End and Knightsbridge are only a short distance away. Other local landmarks in the vicinity include Vincent Square, Westminster Cathedral, Buckingham Palace and St James’s Park.
Matthew Hills, Partner and Head of UK at 90 North, comments: “We are delighted to have concluded our fourth transaction in close partnership once again with Tim Farrow’s RER London Limited and equity partner Sidra Capital, and in such a short timeframe.”
Nick Judd, Founder Partner and Head of Investment at 90 North, says: “The closing of the Greycoat transaction is 90 North’s fourteenth acquisition in what has been a very busy twelve months for us. We have also recently closed transactions in Germany, Norway and the United States as we continue to meet the wants and needs of our international equity partners.”