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Investment in a freehold, office-to-residential conversion

17,945,000 £
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Total area: 1,404 m²
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Features
  • 4-floor building

Description

13–14 Buckingham Gate is a six-storey (including basement) Grade II Listed building currently used as an office. Its Grade II status stems from the heritage of the street. Buckingham Gate’s vicinity to significant places of interest such as Buckingham Palace, Birdcage Walk Conservation Area and St James’s Park underscores the significance of the location. The building’s six front windows retain their Georgian facade from the 1800s.

Redevelopment Works

Previously 13–14 Buckingham Gate was made up of separate townhouses dating back to 1756. It underwent a significant remodeling in the early 1970s when permission for demolition of the building behind the front elevation was granted. This intervention introduced a cast in-situ reinforced concrete-framed structure to which the significant front elevation is tied.

In recent years there has been an increase in redevelopment works to convert Buckingham Gate from a commercial workplace to a prime residential estate.

The picture below indicates the Grade II listed buildings along Buckingham Gate.

Investor Returns

Gross Buildable Area (Sq ft) — 15,107

Net Sellable Area (NSA) (Sq ft) — 12,349

Efficiency — 82%

Building Purchase Price1 — £ 17,944,868

Hard Costs — £ 6,431,917

Soft Costs — £ 2,970,331

Financing — £ 1,336,059

Total Cost — £ 28,683,176

Debt Finance (65%) — £ 19,183,176

Equity Investment (35%) — £ 9,500,000

Sponsor (10% Equity) — £ 950,000

Investors (90% Equity) — £ 8,550,000

Sales from Apartment Units — £ 34,577,200

Gross Revenue (incl. rents/interest) — £ 34,696,650

Project Profit — £ 6,013,474

Sponsor Promote (20%) — £ 1,202,695

Equity Investment Profit — £ 4,810,779

Investor ROE — 51%

Investor Equity IRR — 21%

Location

The three Royal Parks on Buckingham Gates doorstep, St James's Park, Green Park and Hyde Park, are unique, protected open spaces which enhance the value of the surrounding property. 

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Julia Morozova
Julia Morozova
Senior Investment Consultant
+44 20 3608 1267
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    • Bank financing from 2% annually
    • Construction site audits
    • Management company services