An office building in London’s legal heartland is to be converted into a luxury residential scheme as demand for housing in WC2 heats up.
James Taylor Construction has exchanged contracts to buy 64 Lincoln’s Inn Fields, WC2, for around £9m from Cannon Estates.
The 7,500 sq ft vacant property has consent from Camden council to be converted into a Purcell-designed nine-flat scheme valued at circa £18.5m.
Lincoln’s Inn Fields has for centuries been a popular base for legal practitioners owing to its proximity to the Royal Courts of Justice.
However, the design and access statement for the flats conversion said there was now “greater demand for residential properties due to [Lincoln’s Inn’s] location and excellent transport links”.
Nicholas Marks, director at James Andrew International, which advised the buyer, said: “This type of building no longer suits todays modern office user, specifically the lawyers who more commonly occupied this area.”
According to Colliers International, some 123,000 sq ft of Holborn office space has been earmarked for residential use in the year to date.
CBRE represented Cannon Estates.
