CBRE TRANSACTS £25M IN TWO PRIME RESIDENTIAL INVESTMENT DEALS
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.
We are delighted to have completed these two transactions which highlight the strength of the prime residential investment market. London remains a key target for investment and the demand for quality residential accommodation underpins investor interest in the sector.