Lothbury Investment Management, on behalf of Lothbury Property Trust, has completed the conversion of the upper floors of 31 James Street in London’s Covent Garden to residential occupation.
The three apartments are expected to generate considerable interest from potential tenants. Planning consent and works have all been delivered during lockdown.
Mark O’Mullane, fund manager at Lothbury Investment Management, said: 'The fund has a number of holdings in Covent Garden. It is one of the most sought-after locations in London with an exceptional, established retail offer, complemented by a continuously changing and exciting leisure offer.'
The assets form part of Lothbury’s active development portfolio, designed to create further sources of income and capital return. Initiatives involve refurbishing or reconfiguring existing assets in the core portfolio, as well as developing new sites and buildings.
O’Mullane added: 'These conversions to residential increase the building activity and add value to the upper parts of the building.
'In addition, planning consent has been secured to convert the upper parts of 30 – 27 James Street into residential and office use which will be implemented over time.
'This will help provide diversity to the income received from this asset and will deliver an exceptionally prime mixed-use asset.'
