Israeli investor acquires The Panorama Building in Ashford for EUR14m
Estate Office Property Consultants has brokered the freehold, off-market acquisition of The Panorama Building in Ashford, Kent for GBP14 million on behalf of a private Israeli investor. Estate Office was joint agent on the transaction with Finn & Co.
Acquired directly from housing association A2 Dominion, the landmark building includes 241 apartments, with the majority let on ASTs, as well as two commercial spaces totalling 17,572 sq ft, currently operating as Regus and Anytime Fitness. The investor was particularly attracted to the combination of capital growth and asset management potential, with the building returning GBP1,250,000 per annum in rent, forming a neat addition to their existing UK portfolio.
Charter House as it was previously known, was built in the 1970s as the headquarters for Charter Consolidated, a large British corporation with global mining interests. Over the decades it housed various commercial occupiers including Stena Line and Santander, before being subsequently converted to residential accommodation in 2013 by Dukelease and being rebranded as the as The Panorama Building. It enjoys an excellent location close to a range of amenities and Ashford International station.
Chaim Aziz, Managing Director of Estate Office, says: “Ashford is an area that excites our client, owing to good connectivity, a strong regional economy and appetite for development and growth from the local authority. We are delighted to have been involved in this transaction, which clearly demonstrates that there is continued overseas investor demand for residential-led, income-producing assets that also have capital growth potential. From identifying the off-market opportunity to concluding the transaction, we have been able to act swiftly to ensure a positive outcome for a client on this landmark local asset.”
Law firm Fladgate LLP acted for the purchaser, with Winckworth Sherwood LLP acting for the vendor.