UK real estate owner and manager PPR Estates has announced the purchase of Chivas House, a prime Thameside property in London, for a £55 mln (€64 mln) regeneration project.
The site at Chancellors Wharf overlooking Hammersmith Bridge comprises over 3,159 m2 of office space across four floors, plus underground parking, plant space, and a large riverside courtyard. Vacant since the Covid-19 pandemic due to changing work patterns, the property is now surrounded by residential developments and is no longer suitable for office use.
PPR plans to use its expertise in revitalizing properties to transform the site into a viable asset.
Jon Caplan, MD of PPR, commented: ‘We are excited to acquire this prime riverside site to our office regeneration portfolio and look forward to working with all our stakeholders to bring it back to life very soon. We are already working with potential new occupiers and local planners to ensure the site has a sustainable future that meets Hammersmith’s needs. This type of core-plus London site fits PPR’s office regeneration fund criteria perfectly.’
Built in 1990 and located at 72 Chancellor’s Road, the property is close to restaurants, underground stations, and leisure facilities.
PPR plans to invest significantly in additional similar projects in the coming years. PPR Estates’ portfolio includes both wholly owned and joint venture assets across residential, commercial, education, and retail/high street use classes.
