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Wardrobe Court

Wardrobe Court

Image: British Land

Wardrobe Court

Address:
6 Wardrobe Place, London EC4V 5AF
Type:
Mixed use
Completion:
January
Flats:
92
Offices:
1
Retails:
1
Viewed:
4761

Description of Wardrobe Court

Situated a few minutes walk from St Paul's Cathedral, Wardrobe Court is one of the few surviving early 18th century squares in the City of London. Sympathetically re-stored, Wardrobe Court is a Grade II listed cluster of buildings set around a cobbled courtyard, comprising 92 studio, one, two and three-bedroom serviced apartments along with a retail and office unit.

Source: British Land

Connected Companies

News: (1)

British Land announces that it has agreed to purchase Wardrobe Court, EC4, a 71,000 sq ft residential investment property in the heart of the City of London for £57 million, representing a capital value of £800 per sq ft.

Situated a few minutes walk from St Paul’s Cathedral, Wardrobe Court is one of the few surviving early 18th century squares in the City of London. Sympathetically re-stored, Wardrobe Court is a Grade II listed cluster of buildings set around a cobbled courtyard, comprising 92 studio, one, two and three-bedroom serviced apartments along with a retail and office unit.

The majority of the property is let to BridgeStreet, a leading serviced apartment operator, until December 2014 with rent subject to annual uplifts in line with RPI, representing at purchase, a net initial yield to British Land of 4.7%. At the end of the lease, we have an opportunity to renew or relet as serviced apartments at a significantly higher rent, or to upgrade and sell-off profitably as private residential properties.

British Land has a long history of owning, managing and financing residential property and over the past two years, we have been progressively increasing our exposure to Central London, a market where investor and occupier demand has been and remains strong. With the purchase of Wardrobe Court, our exposure to high-end residential properties in Central London now stands at over £250 million. We have successfully pre-sold £89 million of our residential developments over the past year, including 70% of the luxury residential apartments we are developing as part of the NEQ development at Regent’s Place.

Tim Roberts, Head of Offices at British Land said: "With this acquisition, we have acquired a collection of unique and well located residential properties, leveraging our experience in the London residential market. We are confident we can either attract a higher rent from a serviced apartment operator or upgrade and sell as private residential at a significant premium to our entry price."

CB Richard Ellis acted for the vendor.

Source: britishland.com

30/06/2011 19:15 by Buildington

*DISCLAIMER! Information on this page is for guidance only and remains subject to change. Buildington does not sell or let this property. For more information about this property please register your interest on the original website or get in touch with the Connected Companies.

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