Acting on behalf of the Indian real estate developer ABIL Group, Savills has acquired 5 Strand from BlackRock UK Property Fund, for more than £90 million.
The acquisition is the developer’s first investment in the UK.
The 72,359 sq ft (6,722 sq m) office and retail building is currently let to Westminster City Council and Boots. The property was marketed with plans designed by Adjaye Associates for a 200-room hotel scheme along with planning consent for a new 152,400 sq ft (14,158 sq m) development including 61,670 sq ft (5,729 sq m) of office accommodation, 5,376 sq ft (499 sq m) of retail space and 38,941 sq ft (3,617 sq m) of luxury residential accommodation.
Barry Mangan, director in the central London investment team at Savills, commented: “Located adjacent to Trafalgar Square, close to Charing Cross station, 5 Strand presents an attractive redevelopment opportunity to maximise the building’s strong position in prime central London. As such it makes a good investment for our client, in their first UK purchase.”
Gary Witham, director in the hotels team at a Savills, said: “The London hotel market continues to attract a wide range of overseas investors with the city providing attractive long term income prospects. As the first purchase for our client, 5 Strand makes an excellent choice providing the opportunity to create a leading purpose built hotel l in a tourist location that is recognisable to a global audience.”
Data from Savills shows that overseas investment into hotels in London totalled £1.06 billion last year, an increase of 17.7% on 2016. Institutional capital investment into hotels also grew 6.8% to £370.7 million in 2017, the highest level of investment from this buyer type for over 10 years, according to the firm.
Cushman & Wakefield, together with Tudor Toone, advised BlackRock on the sale.
13/06/2018 08:25 by Buildington
Five Strand freehold building with a consented development is for sale. For more information please visit five-strand.com.
13/02/2018 13:10 by Buildington
Westminster City Council has approved Adjaye Associates’ plans for the redevelopment of 5 Strand, reports Adjaye Associates.
Development manager Alchemi Group, on behalf of investment firm BlackRock, Inc. will redevelop the site.
The new development will comprise 6 floors of new Grade A, flexible office space to meet the demands of the modern office market. It will also comprise of 26 luxury residential apartments on the upper four levels and a lively public realm animated by retail at ground level.
Drawing inspiration from the surrounding Grade I and II listed buildings, the approved development will provide a contemporary architectural landmark that sympathises with the surrounding character and language of the The Strand and immediate area.
Particular attention has been paid to ensuring height and roof lines of the new development respond appropriately to those of its neighbours, with special consideration given to the buildings visibility from Trafalgar Square and The National Gallery.
Employing a diverse palette of high quality, sustainable materials Adjaye Associates design not only demonstrates its commitment to detail and the importance of creating a relationship between the building and its surroundings, but also its consideration to the buildings environmental credentials. The new development aspires to a 35% carbon reduction through the use of high performance building fabric and glazing as well as low to zero carbon technologies and smart building systems. The commercial office workspace will also target BREEAM ‘Excellent’ certification.
The new development will also deliver an improved streetscape and public realm for the famous London thoroughfare. A cantilevered retail colonnade, positioned at street level, has been introduced as a contemporary re-interpretation of the arch motifs frequently used in the locality but also to provide passive control measures - opening up the ground plane to provide a clear and generous public conduit from The Strand to Charing Cross.
Speaking of the announcement Sir David Adjaye commented: “This is not only an exciting opportunity to revitalise an historic London site through the creation of an exemplar mixed use development. The development will also begin to restore The Strands architectural confluence as a core power axis in line with that of The Mall, Whitehall and Pall Mall.”
Laura Marino, Creative Director and Co-Founder of Alchemi Group said: “To say we are thrilled to have achieved planning for the client is an understatement. The architecture speaks for itself and is unlike what is currently being built across London. It was crucial to come up with a building that addresses the importance of the site itself and would stand on its own without overshadowing its immediate surroundings nor the conservation area. Adjaye Associates also skillfully met the demands of a rigorous design process which has led to an outstanding mixed-use development.”
18/07/2017 08:52 by Buildington
5 Strand mixed-use development in London WC2 - new on Buildington!
15/12/2016 16:35 by Buildington