Block Deal for Developers
Bayswater, W2
“Porchester Court in Bayswater; a Grade II listed building adjoining the new Whiteleys development, was widely considered to be one of London’s rarest remaining pieces of prime real estate in Bayswater”
Jake Irwin-Brown, AWS Prime Property
- CategoryInvestment Advisory
- Property TypeBlock of 36 flats
- Site Value£50,000,000
- GDV£95,000,000
The Background
We were initially approached by the seller’s development team to give us early access to a scheme of apartments that were soon to be entering the development phase. Our instinct was that the prices they were suggesting were not ambitious enough vs the adjacent super prime scheme, The Whiteley. We were further encouraged to learn residents of this scheme would also have access to the facilities there. This led us to suggest we could broker a block purchase for their client.
Brokering the Deal
The huge appeal for the buyer was the unique opportunity to give the eventual residents of Porchester Court, the use of all the facilities at The Whiteley; including the first Six Senses hotel and spa in Britain. This led to a substantial uplift in the buyers projected GDV and enabled a deal to be facilitated where all parties were content with the result.
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