CBRE’s residential investment team has completed two transactions worth more than £25 million.

Vernon House, 5-8 St Mark’s Square, NW1, a hostel block of 62 self-contained rooms located in prime Primrose Hill was sold on behalf of The London Clinic for more than £15m to a private family office. This was the first time the freehold had been on the open market for more than 40 years, and offered investors an exciting development opportunity. After a competitive bidding process from both foreign and domestic parties, the residential asset was sold well in excess of the initial asking price of £14.25 million.

Additionally, CBRE advised Henley Investments on the sale of freehold interest at 106 Gloucester Road for £10m to an overseas investor. The ‘shell and core’ development opportunity offered investors planning consent for 23 studio style units benefitting from private outside space and a parking permit in one of London’s most sought after locations.