BNP Paribas Real Estate has purchased the Parker Tower site near Covent Garden for its first UK residential scheme. The company bought the site from a consortium of private investors for an undisclosed price.
The site currently contains an office building, with planning permission to convert to residential. BNP Paribas Real Estate plans to build a scheme containing around 60 apartments.
The purchase comes shortly after BNP Paribas Real Estate’s property development business completed on their first scheme at King’s Cross, which was sold to a JV comprising AXA REIM and a pension fund and let in full to Google.
Thierry Laroue-Pont, Chief Executive Officer of BNP Paribas Real Estate comments: “Our purchase of this prime site demonstrates our ambition to expand our successful international development business in London. After our first commercial scheme at King’s Cross which has been a huge success, this project will launch our residential ambitions in the UK. We are also looking at other opportunistic sites in line with this strategy to grow our development business in the UK.”
BNP Paribas Real Estate’s residential agency team has been appointed as selling co-agents for the apartments which are scheduled for completion at the end of 2017.
Source: BNP Paribas RE