Leading residential developer and investor, London Green, and joint venture partner, Orlandis Capital, have purchased Boatmans House, a 53,000sq ft office building, in London’s Docklands for £18m. Octopus Property have provided senior debt with all parties being advised by, Mantra Capital.
The waterside property already has approval under permitted development rights for conversion to 63 residential apartments. London Green will seek to intensify the number of units on the site and are targeting a £50m+ GDV with proposals being worked up for a high-end scheme comprising a mix of micro-units and standard sized accommodation.
The works, which will include a replacement of the existing facades, are expected to commence in late 2019 with practical completion occurring in Spring 2021. The scheme will benefit from the extension of the government’s Help to Buy scheme as announced in the recent budget.
Joe Green, Director of London Green, comments: “We’re delighted to have made our first acquisition with Orlandis and are excited about delivering a differentiated product that will really open up the area for buyers currently priced out of the Docklands.”
Andrew Chrysostomou, Managing Director of Orlandis Capital, commented: “Our joint venture with London Green exemplifies the Orlandis goal of partnering with best in class residential developers where our experience, as well as our capital can add strategic value in unlocking complex real estate opportunities.”
Nick Neophytou, Managing Director of Mantra Capital commented; “We were delighted to be asked to advise London Green and Orlandis on what is going to be a fantastic project. Octopus Property were a pleasure to deal with on an acquisition that wasn’t without its challenges.”
For further information and to speak to the sales team please visit www.londongreen.com or call 020 7355 0530