The hopes of residents at London’s Dolphin Square, SW1, were crushed this week with the announcement that Westbrook Partners would buy the apartment block’s leasehold for £200m.
Westbrook — one of the largest private equity property fund managers in the US — will take over the lease, due to expire in 2034, from Westminster city council and the residents’ Dolphin Square Trust.
Its bid beat a number of rivals, including the trust’s last-ditch, £65m offer to buy out the council’s interest, which was rejected for being too low.
Trust chairman Rodney Brooke said: “We are very disappointed with the way things have turned out. The sale now is an attempt to give everyone some certainty.”
The deal will protect conditions such as the relatively cheap rents — some as low as £62 a week — at the 1,058-flat block. But tenants will also have the choice of a cash payout if they choose to move.
Council leader Simon Milton said Westminster would set aside £130m from the sale for affordable housing.
FPDSavills represented Westminster. Knight Frank advised Dolphin Square Trust.
