Plans to convert a government Whitehall office into central London’s first luxury retirement development have been submitted to Westminster city council.
Retirement property specialist PegasusLife proposes redeveloping 39,000 sq ft Grenadier House
, SW1, into a £60m, 36-flat scheme.
The Mae Architects-designed plans comprise a new six-storey development at 99-105 Horseferry Road.
The planning statement said: “PegasusLife recognises that the retirement industry must improve. The dated design of retirement housing has compounded the resistance of many older people to make the life-changing decision to downsize. PegasusLife is determined to improve the status quo and deliver aspirational products to the marketplace.”
PegasusLife, backed by Oaktree Capital Management, bought the building for just over £25m – a 6.89% yield – in June last year. It is let to the government.
JLL is advising on planning.
