Two serviced apartments in the City and City Fringe have hit the market in quick succession.
In Aldgate, offers are being invited in excess of £13.5m for the freehold interest of 70 Chamber Street – a newly developed serviced apartment building pre-let to prime short-stays provider Bob W. The building offers 39 apartments over the first to sixth floors and has been let to Bob W on a 20-year lease.
The freehold of the Grade II-listed St Mary Abchurch House in EC4 is also being marketed on behalf of GMS Estates. The building provides 13,106 sq ft GIA of office, retail, and bar/restaurant accommodation, with planning consent to convert the commercial accommodation on the first to fifth floors into 20 serviced apartments.
Offers are being sought in excess of £6m for the building, which also presents the opportunity for a comprehensive refurbishment to provide best-in-class office accommodation.
Matthew Millman, partner at Allsop, which is marketing both buildings, said: “70 Chamber Street and St Mary Abchurch House both offer exceptional opportunities for investors to be a part of reshaping the fabric of the City and City fringes. Whilst 70 Chamber Street offers a brand new building with excellent ESG credentials, let to a best in class operator in Bob W, St Mary Abchurch House presents the opportunity to create similar product, benefiting from a planning consent to convert the existing offices into 20 serviced apartments.
“We anticipate alternative uses for redundant office space to become more commonplace, particularly should the City of London Corporations’ plans to speed up the planning process come to fruition.”
