Vacant Office Conversion Opportunity Acquired in Covent Garden

Acting on behalf of Dukelease Properties, Hanover Green have secured the purchase of 20 Bedfordbury, London, WC2, a 22,500 sq ft vacant office building in Covent Garden. Acquired by Hermes in 1998 as an office building, the property had remained vacant for some time following an institutional upgrade. The property was acquired for £14.5 million for residential conversion following abortive negotiations 1st to sell the property to an office owner occupier and 2nd to a foreign party who proved not to have the necessary equity in place. Dukelease were introduced to the vendors by Hanover Green as proven performers on such assets and exchanged and completed the transaction under a very tight timescale as promised.