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As we have reported in the past, the legislation enabling the change of use from office to residential in the capital was inevitably going to alter the face of the city both in terms of its appearance and atmosphere.
Some of the properties that have proved ripe for conversion are, of course, those that were originally built as residential and that were used, often somewhat awkwardly, as offices thereafter – although properties that had been used as other things, such as hotels, are also seeing an increase in conversion. Many of the properties being bought specifically for conversion are being restored to their former grandeur, after having looked tired and worn – at least on the inside – in their commercial guise. The houses are often being divided into apartments, albeit top-end ones, with price tags in prime areas anywhere between one and six million pounds. However, some properties are being targeted at the super-rich, and converted in their entirety into one grand residence.
The properties are destined to prove popular, especially in today’s era with an ever-growing interest in the history of a place or a building and its former residents. And the location of these properties in upmarket London areas also gives convenient access to galleries, museums and other icons of the capital, as well as shops and quality restaurants – and all the while the property will boast a prestigious address. Addresses in Soho, Mayfair, and Fitzrovia are all seeing their mansions once again lived in by the wealthy of the city.
An example of such a property is Maddox Street, a block being converted by Amazon Property into five apartments, including a three-bedroom duplex. Maddox Street is just one of Amazon Property’s several conversions of offices to residential at exclusive London addresses. The fact that a square foot of residential space is worth significantly more than a square foot of office space has proved instrumental in the changes being seen.
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.