James Caan’s investment firm 90 North has bought the former HQ of the Children’s Commissioner in Victoria, SW1, for conversion into a £38m residential scheme.
90 North, in partnership with Tim Farrow’s RER London and Saudi-based equity partner Sidra Capital, has paid £14m for 33 Greycoat Street – a 5.5% yield.
The firm is considering converting the five-storey building into 24 flats, or refurbishing and reletting it for office use.
Until 2014, the building was home to the Audit Commission, Children’s Commissioner, the Commission for Social Care Inspection, the Education Funding Agency and the Department for Education.
It will be 90 North’s fourth holding in London, after it bought residential development opportunities at Aldywch Chambers and Chancery Lane, W2, in 2013, and a strategic site at Crossharbour, E14, in 2014.
The purchase was made through Greycoat Property Investments.
JLL acted for vendor Standard Life; 90 North was unrepresented.
