4/5 Princes Gate, SW7All Properties
4-5 Princes Gate was purchased by Benchmark for £10 million in 1995. It later became a seed asset for WELPUT.
The team secured vacant possession from various tenants, upgraded the common parts, reconfigured the core to increase the lettable area and re-let or re-geared leases to create a block date for conversion to residential.
A professional team was appointed in 2007 to undertake a viability study which established that a residential building of up to 50,000 sq ft was achievable. This promoted the decision to market the property as a residential development opportunity, leading to a sale in 2008 for £59 million.
|Client:||Benchmark / WELPUT|
|Size:||30,000 sq ft (2,800 sq m)|
4/5 Princes Gate, SW7