Residential specialist FairBriar is planning to buy Nell Gwynn House, Sloane Avenue, London SW3, for £27.4m from NGH Properties.
The building comprises 433 flats of which 291 have been sold on long leases and 18 are occupied by statutory tenants.
The remaining 124 flats will join FairBriars service apartments portfolio in Central London, which the company hopes to expand to 1,000 units by 2003.
Fairbriar currently controls 411 flats in London with a rolling refurbishment programme planned at Nell Gwynn House.
Philip Van Reyk, chief executive of FairBriar, said: “The central and sought after location in the heart of Chelsea fits well with the current portfolio of well located properties in Kensington, Canary Wharf and the City. This is an important step in our ambition to be a market leader in the London luxury serviced apartment market.”
Nell Gwynn House also includes a 4,800 sq ft health club and 73 underground car parking spaces.
Rents range from £650 per week to £4,000 per week on flexible leases.
EGi News 01/08/01
