Real estate investor, developer and asset manager, Firethorn Trust, has purchased One Bessborough Gardens, SW1, in an off-market deal.
Situated in the City of Westminster, London, the 70,000 ft2 (6,500 m2) asset has been acquired from Charles Street Building Group for an undisclosed sum.
A prominent four-storey office building overlooking the Gardens and the Thames, One Bessborough Gardens will be converted into a modern residential development with around 60 apartments under Firethorn’s Living portfolio.
With a focus on building sustainable spaces with a high-quality specification, this is the first residential asset in London for Firethorn Living and follows its acquisition of a purpose-built student accommodation (PBSA) site at Leith Walk, Edinburgh earlier this year.
Marcus Weeks, director and head of living at Firethorn Trust, commented: 'One Bessborough Gardens presented a strategic opportunity for us to create a unique residential offering at a time of limited supply to the market and increased demand.
'Being a very agile business and having a strong balance sheet means that we were able to move forward decisively and quickly on this transaction.
'This is a fantastic addition to our growing Living portfolio, at a scale and quality that not only reflects our ambition to become leaders in the Living markets, but represents our genuine passion for creating modern spaces that have a positive impact on people and places.'
Addington Capital is working with Firethorn in an advisory capacity.
Matthew Allen, a principal at Addington Capital, commented: 'Supporting Firethorn on the conversion of One Bessborough Gardens into a residential scheme is a significant project for us in prime Central London. The building has great conversion credentials.'
Work on site is expected to commence in early 2025, with completion due in 2026.
The property was introduced to Firethorn Trust by Acre. Charles Street Building Group was advised by Levy Real Estate.
