Residential Land bags £60m Westminster block

Off-market acquisition of potential-laden 80,000-square-footer near St James's Park

Residential Land and JV partner Ivanhoé Cambridge have confirmed snapping up an 80,000 square foot block in SW1 with a nice bit of potential.

Valued at around £60m, the seven storey Luke House on Abbey Orchard Street is currently a mix of government offices and about 30 apartments on ASTs, but apparently there’s scope to add a few more floors up top. Options could include boosting the resi element, bolting on a serviced apartment offering, or converting the whole thing into offices.

Residential Land boss Bruce Ritchie told Property Week: “This off-market purchase forms part of our underlying strategy to invest in acquisitions where we see the opportunity to generate growth from enhancement and redevelopment.”

Image: Residential Land