Henley tees up £53m hostel-to-resi project in South Ken.
Private equity outfit Henley Investments is about to embark on a 23,000 foot resi scheme, after acquiring three adjacent period buildings near High Street Kensington.
The firm has confirmed shelling out £21m for the trio of properties; the main site, a former hostel spanning two of the buildings, is now primed for a transformation into 12 top end resi apartments across 16,878 square feet. Planning is in place and construction is due to start imminently.
The other 6,217 square foot pile is currently run as an HMO, but a fifteen-unit conversion could be on the cards if planners get on board. A construction start date of early 2016 is being targeted and total GDV of £53m is expected for the whole shebang.
CEO Ian Rickwood:
“This acquisition provides a unique opportunity for us to carry out extensive value add works and create high quality residential accommodation in an attractive, highly sought after area of London. We are confident that the development plans we have in place, will ensure we are able to generate lucrative returns for our investors upon completion.”
The firm which currently has around £500m of assets under management, has a sturdy track record in the London resi market. A recent scheme on Old Queen Street has ranked third in a recent Sunday Times “Best Residential Properties” list and has been shortlisted for a number of awards this year.
29 May 2015 | Article by Prime Resi
Read the full article at: www.primeresi.com