Alchemi bring 300,000 sq ft development site to market 23.01.15
Design-led London development expert, Alchemi Group have broken new ground with their plan to sell a 300,000 sq ft (GEA) development – renamed The City & Liberty Buildings- at 33 Horseferry Road, Victoria, SW1.
Currently occupied by the Great Minster North office building, the site was bought in October 2013 for £97.5m, and is on the market with Levy Real Estate guiding offers over £150m. Managed by Alchemi Group, the proposed development was recently approved unanimously at planning committee pending the signing of the Section 106 Agreement, opening a number of exciting mixed-use opportunities for the property.
Charlie Baxter, Managing Director and co-founder of Alchemi Group: “The purchase of Great Minster North gave Alchemi Group the opportunity to demonstrate our ability to effectively asset manage, as well as showcase our proven record as a residential developer. From the moment we first saw this building, we recognized its wonderful potential to create a cutting edge mixed-use development. With a tenant in situ, we had the opportunity to explore increasing the values, in rents and also as both a potential office development as well as a residential development.
“We’re delighted to present this incredible opportunity in the heart of Victoria, one of the most rapid and exciting growth stories in central London.”
The current building on the site comprises 180,000 sq ft of high quality offices arranged over basement, ground (with 17,200 sq ft of retail) and five upper floors and is let to the Department for Transport. The plans allow for the building to be demolished and a new development built to create 160 homes.
Renamed The City & Liberty Buildings, the new development comprises two new private residential buildings providing 122 apartments, with a third building at the west of the site offering 38 affordable homes. The plans also envisage improved retail units along the ground floor, 97 parking spaces and amenity areas such as a gym and an indoor pool which, in the summer months, opens onto the generous communal garden.
Levy Investment Partner, Simon Heilpern, comments: “The plans for City & Liberty takes a bold look towards Victoria’s existing mansion blocks, which are commonly arranged around elegant courtyard entrances. The new design breaks up the existing monolithic structure and allows sunlight to penetrate onto Horseferry Road. The exterior is a dynamic and modern reinterpretation of the local brick and faience architecture that characterises Victoria”.