A block of flats with development opportunity in Kensington, W8, is being sold with a price tag of £50m.
Allen House, Allen Street, is an Edwardian redbrick block, comprising 45 flats. The six-storey building spans 40,916 sq ft. It is owned by vehicle Allen House Ltd, which is a joint venture between private investors.
The building is being sold with significant opportunity for refurbishment. It has planning consent for the demolition of the existing building to be replaced with a purpose-built seven-storey block of flats of 55,315 sq ft, behind a retained façade.
Consent for the redevelopment was granted in December 2020 and includes two penthouses, private terraces and landscaped gardens.
Nick Pleydell-Bouverie, head of residential capital markets at Knight Frank, said: “It is incredibly rare for an unbroken freehold block of this scale and stature to become available in such a prime location. Covid-19 has done little to dampen the appetites of investors.
“Good-quality income-producing residential assets remain extremely sought-after, especially where they offer refurbishment and value-add opportunities for an incoming purchaser. As a result, we expect to see strong interest from a range of funds and investors worldwide.”
Anthony Kazan, partner in Knight Frank’s residential development land team, added: “There is a rapidly diminishing pipeline of prime new residential accommodation being delivered in central London, which is set against a backdrop of rising domestic and global demand.
“Allen House is one of very few development opportunities of scale likely to be brought forward in prime central London within the next 24 months.”
To send feedback, e-mail emma.rosser@eg.co.uk or tweet @EmmaARosser or @EGPropertyNews
