Aberdeen Asset Management has agreed to sell a £30m residential redevelopment opportunity in Westminster, SW1.
Wasp Investments has exchanged contracts to buy Gaywood House, 29 Great Peter Street, for around £15.5m.
The corner freehold property is single let to Imperial Chemical Industries until 23 June, after which the new owner is expected to carry out a residential conversion.
Consent is in place to convert the block into 14 flats across 14,145 sq ft.
Based on residential values in the area reaching £2,100 per sq ft, the end value of a redevelopment would be around £30m.
Offers in excess of £13.5m – a 4.38% net initial yield – were sought.
Knight Frank is advising the vendor; the buyer is not represented.
