London & Stamford Property PLC (LSE: LSP.L), in its newly formed Central London Residential Joint Venture announces that it has exchanged contracts with Project Red Limited, a subsidiary of Qatari Diar, to acquire Moore House for £147 million (approx. 182.5 million) (excluding costs).
London & Stamford has a 40% interest in the Joint Venture and will fund its share of the acquisition out of existing resources.
The property forms part of the prestigious Grosvenor Waterside Development and occupies a prominent position at the front of the development on Ebury Bridge Road, London, SW1, immediately to the south of The Chelsea Barracks Development.
The Joint Venture has acquired the entire residential building of Moore House comprising 149 units totaling 117,909 ft² (approx. 11,000 m²) of net lettable area and 97 car parking spaces. Each unit is held by way of a 999-year leasehold interest.
The apartments comprise a mix of studios, one-, two- and three-bedroom flats and duplexes set over nine floors. All are finished to a premium standard and designed to a modern specification throughout. The Grosvenor Waterside Development also has nursery, gym and spa facilities.
Raymond Mould, Chairman of London & Stamford, said: "The Central London residential market continues to show signs of strong rental and capital growth and we are delighted to have acquired this prime property, the first for our newly formed residential Joint Venture."
Source: London & Stamford