LGP sells Strand residential development site to English Rose
Legal & General Property (LGP), represented by CBRE, has sold the long leasehold interest in the upper parts of 406-408 Strand to Covent Garden residential developer English Rose for GBP11.625m.
LGP will retain the freehold interest.
The sale follows LGP’s receipt of planning consent secured in Q1 2013 for the conversion of the upper sections of the building from offices into 13 residential apartments. The residential accommodation will range from one-bedroom to three-bedroom flats and includes a luxury penthouse suite. Located in Covent Garden, the building is situated moments from the historic piazza and benefits from good transport links.
Situated above a retail unit let to Santander, the property forms part of LGP’s 210,000 sq ft mixed-use Covent Garden Estate portfolio, which has undergone a programme of significant asset management to capitalise on growth opportunities since it was purchased from ING Covent Garden Limited Partnership in December 2009.
James Whitehill, senior fund manager at Legal & General Property, says: "This sale demonstrates the continued strength of the Covent Garden market. As a vibrant central London area that has undergone a significant amount of change and regeneration over the past few years, it is increasingly popular as a prime residential location."
Ockert van den Berg, director of English Rose, adds: “This acquisition is very much in line with our core strategy of acquiring and developing high end units in central areas with strong demand from both UK and foreign buyers.
“This is one of a number of high profile deals we will complete over the next few months. But we are always looking for new opportunities with or without planning consent and will reciprocate by making quick decisions.”