Legal & General sells strand residential development site to English Rose.
24 October 2013
Legal & General Property (“LGP”), represented by CBRE, announces that it has sold the long leasehold interest in the upper parts of 406-408 Strand to niche Covent Garden residential developers, English Rose, for £11.625 million. LGP will retain the freehold interest.
The sale follows LGP’s successful receipt of planning consent secured in Q1 2013 for the conversion of the upper sections of the building from offices into 13 residential apartments. The residential accommodation will range from one-bedroom to three-bedroom flats and includes a luxury penthouse suite. Located in Covent Garden, the building is situated moments from the historic piazza and benefits from good transport links.
Situated above a retail unit let to Santander Plc, the property forms part of LGP’s 210,000 sq ft mixed-use Covent Garden Estate portfolio, which has undergone a programme of significant asset management to capitalise on growth opportunities since it was purchased from ING Covent Garden Limited Partnership in December 2009. With the residential planning consent in place, this sale reflects the rising demand for high quality Central London residential property and reconfirms Covent Garden, WC2 as one of the most desirable postcodes within Prime Central London to live in.
James Whitehill, Senior Fund Manager at Legal & General Property, comments: "This sale demonstrates the continued strength of the Covent Garden market. As a vibrant central London area that has undergone a significant amount of change and regeneration over the past few years, it is increasingly popular as a prime residential location."
Ockert van den berg, Director of English Rose, added: “This acquisition is very much in line with our core strategy of acquiring and developing high end units in central areas with strong demand from both UK and foreign buyers.
“This is one of a number of high profile deals we will complete over the next few months. But we are always looking for new opportunities with or without planning consent and will reciprocate by making quick decisions.”
Notes to editors
Legal & General Property
Legal & General Property (LGP) is a wholly-owned subsidiary of Legal & General Investment Management (LGIM), one of Europe’s largest institutional asset managers and a major global investor. LGIM manages approximately £433bn in assets on behalf of more than 3,100 clients (30 June 2013) and provides products and solutions spanning all asset classes. LGP is the third largest institutional property fund manager in the UK, managing or co-managing 16 separate funds or vehicles and two segregated mandates with an aggregate asset value of £11bn as at 30 June 2013. These funds include:
Specialist Pooled Funds
The Leisure Fund Limited Partnership; Industrial Property Investment Fund; Arlington Business Parks Partnership; and the English Cities Fund
Single Asset Vehicles
Bracknell Regeneration Partnership; Central Saint Giles Partnership; Performance Retail Limited Partnership and Warrington Retail Limited Partnership
Life Fund; Linked Pensions; Linked Life; Managed Fund; Property Unit Trust; UK Property Income Fund; LPI Income Property Fund and the Hybrid Property Fund.
LGP’s UK-focused fund management platform has built and retained a strong track record of out-performance across the sector. Owing to its size, diversity and penetration, it benefits from best in class banking and property industry contacts which, along with its wealth of in-house skill and expertise, have enabled it to continue to attract and secure high quality market opportunities. Taking a client-centric approach, the business places the highest priority upon integrity and transparency, leveraging upon the significant resources provided by the wider LGIM platform. Sector specialists cover each sphere of the market and are supported by LGP’s market-leading research capability. LGP’s sector specialisms cross all facets of the real estate market. In particular, the Company has a major development platform, responsible for delivering West End landmark building, Central Saint Giles, and Agar Street, its high profile Covent Garden office scheme, amongst others, and is currently involved in bringing forward a number of significant town-centre retail and leisure regeneration projects, including Bracknell, Trowbridge, Northampton and Eastbourne.
Legal & General Property Limited. Registered address: One Coleman Street, London EC2R 5AA. Registered in England 2091897.
For more information please contact:
PR Manager, Legal & General Capital and Real Assets, LGIM (Property, infrastructure and alternative finance)
t: + 44 (0) 203 124 2777
m: + 44 (0) 7718 395 279
About Legal & General
Legal & General Property Limited.
One Coleman Street
London EC2R 5AA.
Registered in England 2091897.