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Real Estate Investment: Langham St., UK
21.03.2016
In yet another real estate investment in the UK, MENA Capital announced that it had invested in the purchase of a core freehold residential development property in the West End of London. The property has 19,326 sq.ft of net lettable area and comprises of four buildings, three of which are Grade II listed. The Property has a favorable planning consent in place to re-develop from its existing office use to private residential apartments and a self-contained retail unit, secured with vacant possession. It is intended that the Property will be re-developed and sold over a period of 27 months (2.25 years). with the retail unit being let to a single tenant and sold off individually in the open market. The residential units will be sold off to individual purchasers.
Planning risk is mitigated as the scheme is fully consented for 17 residential units and one retail unit; however, further value can be added through a review of the current planning permission by increasing the number of residential units to 22.
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