A prime residential block next to Buckingham Palace has been bought by Hong Kong listed company Tai United Holdings for £112m.
6-9 Buckingham Gate, SW1, was sold on Saturday by a joint venture created in 2011 between Brockton Capital, the Rothschild Foundation and Mountgrange.
Thai United had entered into an exclusivity agreement though its subsidiary BG Residential Holdings on 12 August to buy the properties opposite St James’s Park, by taking control of the companies that owned them, RCBG and MRB.
Brockton had bought the properties in 2006, won permission to increase the floor area by 50%, and then turned offices into flats in 2014.
In a note to shareholders, Tai United, which used to be know as Bestway International, said: “The group has been looking for quality assets with capital gain appreciation potential.
“Brexit and the recent depreciation of GBP provide the company with opportunity to acquire quality assets in the United Kingdom at attractive price.
“Despite the recent volatility of the property market in London, the directors are optimistic about the future prospects of the property market in London and believe that quality assets are able to withstand the short-term volatility of the property market.”
Tai United said it would hold the properties for investment purposes and lease them for rental income.
Shareholders approval is needed at Tai United’s special general meeting on 11 October.
One of the flats in The Buckingham, a 5,210 sq ft three-bedroom and three-bathroom David Collins-designed penthouse, is being marketed for sale by Christie’s for £14.95m.
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