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The buildings currently used as the French embassy and consulate, and owned by the French government are to be sold to the highest bidder. 21-23 Cromwell Road, South Kensington and 58 Knightsbridge are prime West End locations and are a hugely attractive opportunities for residential developers; each building is expected to fetch £40-50 million.
Although planning permission has not yet been submitted, it is expected in the next few weeks and is likely to be granted. Residential values around Hyde Park hit their peak on the open market recently with a 9,000 sq. ft. flat in the Candy brothers One Hyde Park development being put on the market for £75 million.
Over the last few years, many foreign embassies and consulates have sold their properties in these prime locations in a bid to capitalise on the strength of the central London market. Andrew Ingram, a surveyor at Morgan Pryce states that, “back in 2013 the Canadian High Commission sold their 1 Grosvenor Square with planning permission for 41 high end luxury flats, for almost £306 million and relocated to Trafalgar Square. Similar sales and relocations have been achieved by the Dutch and the US, and I bet many more will jump on that wagon! They would be crazy not to.”
This news was brought to you by Morgan Pryce, 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.