Dukelease and BST acquire West End office-to-resi scheme
Dukelease and BST England have acquired a West End office-to-resi scheme for £7.56m.
The vacant office at 56-60 Hallam Street, W1, was sold by Oval Real Estate. It is set over 10,570 sq ft and received planning permission for change of use in January.
The office has consent for the basement, ground, first, second and third floors to be converted to six flats.
Dukelease and BST England have acquired a West End office-to-resi scheme for £7.56m.
The vacant office at 56-60 Hallam Street, W1, was sold by Oval Real Estate. It is set over 10,570 sq ft and received planning permission for change of use in January.
The office has consent for the basement, ground, first, second and third floors to be converted to six flats.
CBRE represented the joint venture between Dukelease and BST England; Oval was represented by Colliers.
Tom Moore, senior director in CBRE’s land transactions team, said: “The sale of Hallam House represents a shift in demand for property types in W1. We’ve seen a pattern of second-hand office stock being repurposed to support the delivery of new homes, which London undoubtedly needs. Changes in planning rules around permitted development rights have made this easier for asset owners to bring to fruition.”
Richard Leslie, chief executive of Dukelease, said: “Dukelease has successfully developed more than 100 units in Fitzrovia in the past few years and we are excited about keeping the tradition going with this acquisition.”
Guy Halperin, chief executive of BST England, said: “We believe in Central London’s residential market and are delighted to be partnering with Dukelease on this venture — hopefully the first of many successful collaborations. The joint venture has funds available to deploy in two to three additional Central London residential or permitted development deals this year.”
