We acquired two unbroken Victorian blocks in Marylebone, Central London for around £25 million, in partnership with Heitman in 2022. The blocks comprise 70 one and two bedroomed apartments in a courtyard setting.
The buildings were in a poor state of repair on acquisition, and we are undertaking a comprehensive refurbishment at a cost of around £10 million to modernise the accommodation. We are aiming to achieve an Environmental Impact Rating of A.
Post refurbishment, the apartments will be re-let and managed by AddLiving.
Heitman has been an exceptional partner and supported our initiatives to future proof the building with the removal of the gas heating, alongside the installation of insulation and air source heat pumps. We are leasing the early phases and nearly doubling the rents.
