Residential Land featured in Property Week about the recent purchase of Luke House, 3 Abbey Orchard Street, London, SW1P 2JJ
Residential Land and joint venture partner Ivanhoé Cambridge have acquired a £60m office and residential building in Westminster.
The seven-storey building at 3-4 Abbey Orchard Street was acquired at a yield of 4.4%.
Known as Luke House, the 80,000 sq ft property is home to a number of government offices as well as 30 residential apartments let on assured shorthold tenancies.
Additional floors could potentially be added to the building to increase the volume of residential space or to accommodate a serviced apartment offering.
It could also be converted to offices were the apartments to become vacant.
“This off-market purchase forms part of our underlying strategy to invest in acquisitions where we see the opportunity to generate growth from enhancement and redevelopment,” said Bruce Ritchie, chief executive of Residential Land.
Please find the link to the article in Prperty Week here: http://www.propertyweek.com/news/residential-land-buys-luke-house/5086568.article