Galliard Homes has paid £15 mln (€19 mln) for the Balfour Building in the London borough of Hounslow, which it plans to convert to 160 apartments and penthouses.
Galliard Homes has paid £15 mln (€19 mln) for the Balfour Building in the London borough of Hounslow, which it plans to convert to 160 apartments and penthouses.
Located on a 1.94 acre site at 3 Lampton Road, the asset is a 200,310 sq ft (18,600 m2) building constructed in 1984 and designed by architects Richard Seifert & Partners. It previously housed the offices of Alitalia and Sri Lankan Airlines.
Barclays Bank is providing the funding facility for the project and The Balfour Building will be delivered vacant to Galliard Homes in October 2014, with construction scheduled to commence soon afterwards. Leading building contractor O’Shea is a 25% investment partner in the project.
Prices for the apartments have not been set but Stephen Conway, CEO of Galliard Homes said they 'will provide exceptional value for money'.
David Galman, sales director at Galliard Homes, added: 'The apartments are in the heart of Hounslow town centre and will be reasonably priced to attract either end-user buyers looking for a West London home; pied-a-terre purchasers or investors. The Hounslow housing market is very competitively priced and we anticipate strong demand from both investors and end-user buyers.'
