MARCOL concludes approx £100million of transactions in London
7 August 2012
As part of a strategic re-focussing of the CGIS fund, some mature investments are being sold and funds are being reinvested in central London growth opportunities.
The first of the recent acquisitions is 35-45 New Oxford Street, which comprises nine adjoining buildings in a rapidly improving West End location. It includes a restaurant, nightclub, retail units, offices and residential apartments and will be broken up and sold as individual buildings on completion of various asset management initiatives.
In the heart of Soho, 68/70 Wardour Street is a five-storey converted printworks that is now home to an artisan bakery and media offices. The purchase was completed in June and it is planned to convert the upper floors for residential use.
Converted Victorian warehouse 65 Clerkenwell Road is located within the premier central London fringe market of Clerkenwell that is developing around the Crossrail infrastructure hub at Farringdon. It is a freehold part-vacant office building and the priority is to get it fully-let and take advantage of the strong occupational market in the media and IT sectors that are well-represented in the area.
Among the recent disposals are Camden Palace, otherwise known as KOKO club, 111 Cannon Street, which formed part of the St Swithin’s Estate acquired last year, the Ramada Encore London West hotel at Gypsy Corner and 11 Staple Inn near Holborn. Ravenscourt Park in Hammersmith was sold to Linden Homes for redevelopment into 68 residential units and, outside London, Severn Drive at Tewskesbury Business Park was sold to clients of Cordea Savills.