Firethorn Trust has purchased One Bessborough Gardens in the City of Westminster from Charles Street Buildings Group for an undisclosed price in an off-market deal.
The 70,000 sq ft, four-storey office building will be converted into a residential development comprising circa 60 apartments. The building is the first residential asset in London for Firethorn’s living portfolio.
Marcus Weeks, director and head of living at Firethorn Trust, said: “One Bessborough Gardens presented a strategic opportunity for us to create a unique residential offering at a time of limited supply to the market and increased demand. Being a very agile business and having a strong balance sheet means that we were able to move forward decisively and quickly on this transaction.
“This is a fantastic addition to our growing living portfolio, at a scale and quality that not only reflects our ambition to become leaders in the living markets, but represents our genuine passion for creating modern spaces that have a positive impact on people and places.”
Matthew Allen, principal at Addington Capital, which is working with Firethorn in an advisory capacity, added: “Supporting Firethorn on the conversion of One Bessborough Gardens into a residential scheme is a significant project for us in prime Central London. The building has great conversion credentials.”
Work on site is expected to commence in early 2025, with completion due in 2026. The property was introduced to Firethorn Trust by ACRE LLP. Charles Street Building Group was advised by Levy Real Estate.
