Enstar sells 12 apartment development to Seastar for GBP12.25m

Enstar Capital has sold a consented scheme providing for 12 luxury apartments and penthouses at 226-228 Strand to investor Seastar Development Ltd for GBP12.25 million.

The deal underlines Enstar Capital’s role in the regeneration of the Strand and provides funds for the company’s plans to create a leading London estate.
 
In 2013 Enstar Capital acquired the two adjoining commercial buildings at 226-228 Strand for GBP6.25 million. Originally the site was occupied by a tea warehouse and shop, part of the Twining & Co empire, and later W Collins, the chandelier manufacturer for Buckingham Palace. From 1945 the buildings, with their elegant Victorian facades, provided 2,883 sq ft of retail/office and 13,571 sq ft of retail, office and residential.
 
Working with Savills and architects Michaelis Boyd Associations, Enstar Capital submitted and successfully achieved planning to retain the facades but create conversion to residential behind providing 12 studio, one and two bedroom apartments complete with an A3 restaurant on the ground and basement levels. The consented scheme has an anticipated completed value of GBP20.5 million and has now been sold to Seastar Development Ltd providing funding for future projects.
 
This is the latest deal by Enstar Capital which was founded in 2004 and is led by Joint Chief Executives Simon Lyons and Farid Alizadeh. Focusing on property trading and development, capital raising and disposition, Enstar Capital has a GBP115 million London real estate portfolio, with extensive sites and buildings in the West End, London Borough of Camden and Notting Hill.
 
The company’s West End portfolio owns sites/projects on the Strand/Covent Garden, Mayfair, Soho and Paddington; the firm also has holdings in the London Borough of Camden and finally a GBP50 million Notting Hill portfolio with sites/buildings along Westbourne Grove, Portobello Road, Notting Hill Gate and Pembridge Road.
 
Enstar Capital’s strategy is to build a large London estate, acquiring further sites and buildings for mixed use, residential, office or hotel projects typically valued from GBP2 million to GBP25 million. Moving forwards the company is seeking to expand across inner and West London in locations including Paddington, Notting Hill, West Ruislip, Brentford and Hounslow.
 
In all these locations the strategy is to work with the local communities to invest in and help regenerate local areas, creating vibrant “urban villages” with independent retailers, refurbished flats and new high quality buildings.
 
The project at 226-228 Strand is Enstar Capital’s third investment on the famous thoroughfare, the first of which was the Nell Gwynne Public House. The third is Gatti House at 410 Strand, where the company has transformed a magnificent Grade II listed building, constructed in 1886-87 as the Adelphi Theatre Restaurant, the Ivy of its day, into a boutique luxury residential scheme. Gatti House now provides four luxury two and three bedroom apartments, priced from GBP2.95 million, with the ground floor let to Byron restaurant on a 25 year lease.
 
Gatti House was part of a portfolio of properties previously owned by the Gatti family, a Victorian era dynasty who operated famous West End theatres including the Adelphi and Vaudeville, restaurants and cafes. In 2010 Enstar Capital acquired the final elements of the Gatti property portfolio which included Gatti House and Marine Ices in the London Borough of Camden, the Gatti ice cream factory and restaurant which now provides 7,312 sq ft of restaurant space and 8,018 sq ft of office premises.
 
Later this year Enstar Capital plan to unveil their latest project which consists of the regeneration of the site of the Soho Police Station & Section House at 40 Beak Street into a landmark mixed use project. It will provide circa 20,000 sq ft of high quality office space on the upper four floors complete with a signature restaurant at ground and basement levels.
 
Designed by architects Stiff & Trevillion, the proposed scheme (pictured) will have a striking glass and emerald-coloured glazed brick façade with large floor to ceiling windows and a tiered façade to the upper levels providing the office accommodation with outside rooftop terraces.
 
Simon Lyons, Joint Chief Executive of Enstar Capital, says: “Enstar Capital has expanded rapidly over the last six years and we are now the second largest landowner in Notting Hill and have an extensive portfolio of properties in the West End and inner North London. Our plan is undertake sensitive step-by-step regeneration in locations such as Notting Hill and work with the local community to help bring independent retailers and refurbished homes to the area. We want to focus on delivering high quality affordable schemes that help to create mini-villages for local communities.”
 
Farid Alizadeh. Joint Chief Executive of Enstar Capital, says: “This is an extremely busy and exciting time for Enstar Captial. Later this year we will be relocating our offices from Covent Garden into a new landmark building in the heart of Mayfair, which is the ideal base for us to manage and build our London estate. In addition to investing in our three existing portfolios in the West End, Camden and Notting Hill, Enstar Capital will expand its activities in inner and West London by investing in up-and-coming locations in a corridor area from Paddington and Notting Hill in inner London to Brentford and Hounslow in West London.”