Really Useful acquisition for English Rose

Fitzrovia-based developer English Rose Estates has snapped up Andrew Lloyd Webber’s former Covent Garden HQ for £20m.

The firm wants to turn the 21,000 square foot Grade II listed office building at 22 Tower Street WC2 into 24 prime resi units, and is in the process of submitting plans to Camden council.

English Rose bought the building – which is let to Lloyd Webber’s theatre business The Really Useful Group – off Spanish investor Allegra Holdings.

Lloyd Webber and his gang had let the building until 2016, but they’ve decided to move on to nearby 17 Slingsby Place and the developer should bag vacant possession later on this year.

The group has £300m earmarked for investing in West End residential-led properties in 2014. So far this year it’s bought up a number of key sites including 21-22 Poland Street and 56-69 Rupert Street.

English Rose Director Ockert van den Berg: “It is a beautiful building and one of a number of developments we have in and around Covent Garden. There is immensely strong demand from local and international buyers that have bought into the Covent Garden lifestyle.”