UK property firm Development Securities has announced that it has acquired Westminster Palace Gardens, Artillery Row in Victoria, London in a joint venture with Caenwood Ventures.
UK property firm Development Securities has announced that it has acquired Westminster Palace Gardens, Artillery Row in Victoria, London in a joint venture with Caenwood Ventures.
The office, residential and retail premises have been acquired for £10.1 mln (EUR 12.3 mln), reflecting an income yield of 6.77%.
The Grade II listed mansion block was originally constructed for residential use, but currently comprises four retail units, 30 office suites and 29 residential flats.
Development Securities and Caenwood Ventures along with Alchemi Group, a residential development manager, intend to convert the remaining office suites to apartments in order to take advantage of the rising prime central London residential market.
The acquisition is the latest by Development Securities in a series of transactions that total £150 mln to date since the group raised fresh equity of £100 mln in July 2009. It is part of the directors' continuing strategy to widen the trading portfolio to include residential, a market Development Securities has not traditionally invested in.