Joint developers Allied London and Roxylight have just bought Artillery Mansions in Victoria Street, London, SW1, for redevelopment as a £60m residential scheme providing about 180 flats.
Allied and Roxylight paid a Swiss-based trust £16m for the building, which stands on a 0.61ha (1.5 acre) site. The existing front block will be refurbished as 46 luxury flats and consent is in place to build 141 new flats to the rear. The parade of shops fronting Victoria Street will be retained.
Finance for the scheme will come from a non-recourse loan arranged by Barclays specialist property finance team and Pall Mall corporate banking centre.
Artillery Mansions was built in the 1890s by architect John Calder and is thought to be the second oldest purpose-built block of flats in London.
Allsop & Co, which advised the vendor, has been appointed joint letting agent with W A Ellis.
EGi News 10/10/97
