Addington working with Firethorn Trust on acquisition and delivery of landmark london site to living portfolio
Real estate investor, developer and asset manager, Firethorn Trust, has purchased One Bessborough Gardens, SW1, in an off-market deal. Addington Capital introduced Firethorn to the deal and are advising on delivery. The 70,000 sq. ft. office has been acquired from Charles Street Building Group for an undisclosed sum.
One Bessborough Gardens is a prominent four-storey office building, situated in the City of Westminster, London and overlooks the Gardens and the Thames. It will be converted into a modern residential development with c. 60 apartments under Firethorn’s Living portfolio.
This is the first residential asset in London for Firethorn Living, who have a focus on building sustainable spaces with a high-quality specification. It follows its acquisition of a purpose-built student accommodation (PBSA) site at Leith Walk, Edinburgh earlier this year.
Marcus Weeks, Director and Head of Living at Firethorn Trust, commented:
“One Bessborough Gardens presented a strategic opportunity for us to create a unique residential offering at a time of limited supply to the market and increased demand. Being a very agile business and having a strong balance sheet means that we were able to move forward decisively and quickly on this transaction.
“This is a fantastic addition to our growing Living portfolio, at a scale and quality that not only reflects our ambition to become leaders in the Living markets but represents our genuine passion for creating modern spaces that have a positive impact on people and places.”
Matthew Allen, a principal at Addington Capital, commented: “We are delighted to be supporting Firethorn on the conversion of One Bessborough Gardens into a residential scheme. The property is in a prominent location near the Thames in Westminster and so it’s a significant project for us and the building has great conversion credentials.”
Work on site is expected to commence in early 2025, with completion due in 2026.
ACRE LLP advised the purchasers and Charles Street Building Group was advised by Levy Real Estate.
