Alchemi Group and JR Capital have purchased Westbourne House, W2, for £19.1m.
The 35,047 sq ft Westbourne Grove office building has potential for a refurbishment or conversion for residential use.
The ground floor retail space is let on a 20-year lease expiring in 2019, and producing a rent of £52,000 per annum.
Alchemi has been appointed as development manager, and JR Capital, acting on behalf of Middle Eastern clients, was responsible for raising the funds and structuring the transaction. This is the fourth collaboration between the pair.
Charlie Baxter, managing director of Alchemi, said: “I am particularly pleased to be involved in this exciting opportunity.
“The building is located in the eastern part of Westbourne Grove, which is an area currently experiencing terrific growth and now widely recognised as a prime Central London location.”
Richard Susskind & Company advised the vendor, which is believed to be Business Environment Group; Michael Elliott represented the buyer.
joanna.bourke@estatesgazette.com
