True North Management, the specialist London flexible living investment and operating platform anchored by Swiss Life Asset Managers, has added 83 New Kent Road to its growing portfolio of assets.
True North intends to undertake a £40m GDV restoration of the site, financed by Investec Bank, to transform 26,291 sq ft of heritage space into 94 professionally managed flexible living units.
Rather than demolishing and rebuilding the four-storey building, which was built in 1905, True North is undertaking a restoration that will preserve the building’s architectural and historic integrity while improving its environmental performance and extending its contribution to the local community.
The building will be modernised to create flexible living units, a new roof terrace, improved accessibility through the addition of a lift and upgraded building services. Historic architectural features, including the building’s original brick façade, will be preserved, while unsympathetic alterations will be replaced with traditional timber sash windows and reinstated heritage detailing.
When the restoration is complete the building will be operated under Holm Living, True North’s hospitality-inspired member brand.
Jill Ju, founder and CEO of True North Management, said: “Great cities evolve by building on their history, not replacing it. At 83 New Kent Road, we’re preserving an important part of Elephant & Castle’s heritage while creating a new generation of professionally managed flexible living.
“We believe buildings should evolve alongside the people and communities they serve, combining the professionalism of institutional real estate with the service mindset of hospitality. The result is a place that honours the past, strengthens the local community and delivers lasting value for our members, investment partners and future generations.”
Ed Boughton, from Investec Real Estate, added: “83 New Kent Road is an exciting opportunity to create long-term value by thoughtfully restoring well-located heritage assets for modern living. The combination of a landmark building, a prime regeneration location and True North’s operational expertise makes this a compelling investment. We’re delighted to support another project that reflects our shared confidence in the long-term fundamentals of professionally managed flexible living and the continued growth of the True North platform.”
