A mixed-use Edwardian island mansion block overlooking Regent’s Park has hit the market with a price tag of around £70m.
Strathmore Court comprises 21 residential apartments totalling 39,039 sq ft. In addition to providing a mix of one- to five-bedroom apartments, the block has two penthouses with terraces, 10 retail units and 19 storage units.
Apartments in the building, which has retained its original ornate period finishes throughout, including high ceilings, an elegant marble-clad entrance lobby and original woodwork, are all currently rented on AST’s with the commercial units fully occupied on long leases.
In 2019, planning permission was granted for the full reconfiguration of the existing units as well as the creation of a three-storey rear extension to increase the building’s square footage to 44,843 sq ft and add an extra nine apartments.
According to Knight Frank and BNP Paribas Real Estate, who have been instructed to market the asset, a full redevelopment and refurbishment of the building would result in an ERV of £4.7m.
Anthony Kazan, head of Central London land at Knight Frank, said: “This is an exceptional Central London opportunity of significant scale and calibre. It is highly unusual to find an unbroken freehold block of this size available in a prime central London location, overlooking one of London’s Royal Parks and next to Lord’s Cricket Ground. Strathmore Court’s underlying investment value, coupled with the future development potential, makes it an attractive proposition in the current market which we expect to drive strong interest.”
Andrew Screen, head of residential capital markets at BNP Paribas Real Estate, added: “This is a rare opportunity for an investor to capture a prime central London value-add residential opportunity with an exposure to retail in a market where allocations towards both sectors are increasing.
“The proposed redevelopment will provide significant ESG benefits in terms of increasing the thermal performance of the building, mutually benefiting the potential cost benefits to both the freeholder and occupier.”
