London real estate investment and regeneration specialist Enstar Capital has sold a consented scheme providing for 12 luxury apartments and penthouses at 226-228 Strand to investor Seastar Development Ltd for £12.25 mln (approx. €17.2 mln). The deal underlines Enstar Capital’s role in the regeneration of the Strand and provides funds for the company’s plans to create a leading London estate.
In 2013 Enstar Capital acquired the two adjoining commercial buildings at 226-228 Strand for £6.25 mln (approx. €8.8 mln). Originally the site was occupied by a tea warehouse and shop, part of the Twining & Co empire, and later W Collins, the chandelier manufacturer for Buckingham Palace. From 1945 the buildings, with their elegant Victorian facades, provided 2,883 ft² (approx. 268 m²) of retail/office and 13,571 ft² (approx. 1,260 m²) of retail, office and residential.
Working with Savills and architects Michaelis Boyd Associations, Enstar Capital submitted and successfully achieved planning to retain the facades but create conversion to residential behind providing 12 studio, one and two bedroom apartments complete with an A3 restaurant on the ground and basement levels. The consented scheme has an anticipated completed value of £20.5 mln (approx. €28.8 mln) and has now been sold to Seastar Development Ltd providing funding for future projects.
This is the latest deal by Enstar Capital which was founded in 2004 and is led by Joint Chief Executives Simon Lyons and Farid Alizadeh. Focusing on property trading and development, capital raising and disposition, Enstar Capital has a £115 mln (approx. €161.6 mln) London real estate portfolio, with extensive sites and buildings in the West End, London Borough of Camden and Notting Hill.
Source: Enstar Capital
