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Mixed Use
ADDRESS 64 Buckingham Gate, London, SW1
| Location | Victoria, London SW1 | Investment Date | June 1994 |
| Transaction Type | Added Value Investment | Project Cost | c.£35m |
| Asset Type | Offices | Disposal Date | N/A |
| Funding | Senior Debt | Sale Proceeds | Unrealised |
Transaction Summary / Opportunity
Description: L&O acted on behalf of a private Hong Kong family office in the acquisition of this office, retail and residential building. The Freehold building, originally constructed in the 1970’s provides offices and retail on ground and 7 upper floors, with 40 flats and 2 penthouses on the 9th to 15th floor with storage accommodation and car parking in the basement. The residential floors required a complete refurbishment and reconfiguration. The entrance reception required a full upgrade.
Opportunity: to refurbish the residential element whilst maintaining rental income from the commercial element.
Acquisition Method: Private Treaty
Value Added
- A team of consultants were appointed to agree a design, specification and layout for the residential floors that would be well received by the market and to project manage the construction.
- Reconfigured residential layout and refurbished building to a good specification within a limited budget.
- Refurbished Entrance Hall
- Refurbishment took place while Rolls Royce, the tenants, continued occupation of the offices.
- Generally repositioned the building to a high quality apartment building with separate entrance whilst maintaining an income stream from the commercial tenants.
- L&O continue to supervise the management and leasing of the residential and commercial elements to ensure that rental returns are maximised.
