Global investment house MBU Capital has agreed terms and exchanged contracts to acquire the former headquarters of Addison Lee near Euston station, for £22.75m.
The property at 17-37 William Road, NW1, was put on the market by a private family office.
It is split over two sites, with the first area at 17-33 William Road providing 10,603 sq ft of ground floor, warehouse-style office accommodation with the floors above housing residential units on long leaseholds.
The second part of the site at 35-37 William Road has 21,873 sq ft of grade B office space arranged over the ground and five upper floors.
MBU Capital is exploring turning the site into a new mixed-use scheme, which could include 35,000 sq ft of commercial space and around 250-bed student accommodation.
The firm is already in advanced talks with providers of student schemes and directly with educational establishments within the zone 1 area, and has appointed planning consultants DP9 and architects Boyes Rees to advise it.
It is seeking a commitment for full occupancy including the commercial areas.
Paul Calderbank, head of real estate development at MBU Capital, said: “The vendor, a private family office, was aiming to sell the scheme for residential conversion, commercial refurbishment project or a hotel/restaurant scheme.
“Our research shows that the site is ideal for a mixed-use accommodation scheme, and with high demand evident for new student accommodation in the zone 1 area, supporting the high number of universities and higher education establishments.”
The transaction is due to complete at the beginning of July.
James Andrew International acted on behalf of MBU Capital, and Colliers Fringe advised the vendors.
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