The Art Deco property which spans 25,500 sq ft of office space and offers significant development opportunities, was sold in excess of the guide price following a highly competitive bidding process, reflecting the depth of demand for well-located, prime office assets in this core West End market.

The property had been held by Lothian Pension Fund for over 20 years, during which time it remained a stable, long-term investment. When reviewing the future potential of the asset, Hanover Green were instructed to provide strategic advice on its asset management and redevelopment prospects. After a thorough assessment, Hanover Green identified an opportunity to significantly enhance the building through a comprehensive refurbishment and a potential two-storey extension.

To unlock this potential, Hanover Green recommended restructuring the occupational leases to move them Outside the Landlord and Tenant Act, thereby establishing a block date that would enable vacant possession at the appropriate time. This approach was essential to creating flexibility for redevelopment and maximising long-term value.

In parallel, Hanover Green assembled and coordinated a full team of professional advisors to explore design and planning potential. Together, they developed a well-considered scheme that was submitted to Westminster City Council as part of a pre-application process. The proposal received positive feedback, with the Council indicating support in principle for a two-storey extension—paving the way for a substantial uplift in the building’s value and future performance.