Simon Lyons’ and Farid Alizadeh’s Enstar Capital has sold a consented scheme for 12 luxury flats and penthouses at 226-228 The Strand, WC2, to Seastar Development for £12.3m.
The price is nearly double the £6.3m Enstar paid for the two adjoining commercial buildings in 2013.
Enstar secured planning in June 2014 for a £20.5m scheme that would create new residential space behind retained façades.
The space was previously occupied by a tea warehouse and shop owned by Twining & Co comprising 16,454 sq ft of retail and industrial space.
Enstar plans to reinvest proceeds from the sale in London projects. It operates a £115m portfolio in the West End, Camden and Notting Hill.
Enstar is also planning a 20,000 sq ft office redevelopment of Soho Police Station at 40 Beak Street, W1.
The Strand project was designed by Michaelis Boyd Associates. Savills advised on planning.
chris.berkin@estatesgazette.com
