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The heightened value of residential property in comparison to that of commercial space in the City has been evidenced by the Barratt purchase of the Department of Transport’s former offices.
The builder purchased the property, 76 Marsham Street in West London, with the intention of converting it into 60 luxury apartments. The property is one for which planning permission has already been granted for the offices-to-flats scheme, by Westminster Council.
The property, whose previous owner was PFA Pension, is added to Barratt’s two other projects in the Borough of Westminster, the total value of the three projects being £300 million.
Barratt London’s regional managing director, Alastair Baird, has commented: “As this is an office conversion we can move very quickly and we will have completed the build and plan to have sold all the apartments at Great Minster East by December 2014. The proximity to our Courthouse scheme on Horseferry Road offers a number of advantages during the dual development process.”
Sally Brough, Associate Director at Morgan Pryce, notes that, “It is quite possible that we will see more and more projects of this nature given the significant difference in price between residential and commercial space in some areas of London. It remains to be seen whether the trend will be halted in its tracks by planning constraints.”
Morgan Pryce is a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.