Addington, the specialist UK investment and property asset management business has now fully let its 70 apartments at 61-130 Miles Buildings, London NW1 to a mixture of young professional and student tenants.
The two freehold residential blocks located in Marylebone were acquired in joint venture in August 2022. They comprise 70 units, mostly one-bedroom apartments, spanning approximately 28,000 square feet of living space across five floors. The properties are situated within a regenerating area of Zone 1 London, close to Edgware Road underground.
Since acquisition, Addington has carried out a comprehensive refurbishment of these Victorian buildings, modernising and renewing services, including degassing with a carbon impact rating A. The common areas and outside space were also completely refurbished creating an attractive courtyard for residents. Addington also tackled improving fire safety and energy performance in the buildings.
AddLiving, residential lettings and management, acted in competition with third party letting agents and was responsible for c.50% of the lettings. It’s taken since early April to lease up the development post completion, capitalizing on the strong seasonal demand for lettings in Central London.
Matthew Allen, principal at Addington said “We’ve achieved average rents of c.£75 per sqft and the apartments have been leased to professionals and students from 32 different countries. A remarkable statistic and a testimony to London’s enduring attractiveness to a truly global audience.”
