TT Group has sold Friary House on Briton Street in Southampton to Rengen Developments, Lainston Securities and Altus Investments for an undisclosed price. The consortium completed the deal via a SPV called Friary House Southampton Ltd.
The detached four-storey building, which forms part of the portfolio TT Group acquired from BT for £2.38bn in 2001, provides an office to residential conversion opportunity, with permitted development rights for a change of use to 46 residential apartments already secured.
Annabelle Stannard, development and disposals manager at TT Group, said: “Following BT’s recent vacation and securing a permitted development rights in 2021, we are pleased to announce its sale. This disposal aligns with our long-term strategy to repurpose and upgrade assets that add renewed value to the towns and cities they are located in. We look forward to the purchaser moving forward with plans for reactivating this vacant and disused site.”
Russell Clarke, director of Friary House Southampton Ltd, added: “Together with partners Iestyn Lewis and Lee Cory, I am delighted to have completed this acquisition from TT Group and welcomed working with Annabelle and the TT Group team to achieve this satisfactory outcome. We have now handed over the property to Iestyn and the Rengen Developments delivery team and are very much looking forward to bringing this building back into productive use.”
Savills represented TT Group on the sale.
