Watling Real Estate selling prime London development opportunity in Holborn
Watling Real Estate has been instructed to sell a prime London development opportunity, close to London’s West End.
The property, fronting Southampton Row in Holborn comprises two distinct elements – Carlisle House an Edwardian baroque detached building of circa 18,000 sq ft, and air rights over the Crossrail/Transport for London Fisher Street access shaft and headhouse.
Joint fixed charge receivers Nathan Pask and Andrew Foster have been appointed and offers are invited for the long leasehold interest.
Matthew Southall, an associate in Watling Real Estate’s London office, explained that this was a multi-faceted real estate asset with a number of potential options available to an incoming investor/developer.
Carlisle House at 8-10 Southampton Row was originally built as a hotel, but over the years the property has had a range of uses, including public house, residential, education and offices.
Planning consent granted in 2020, and soon to expire, provides for the development of a substantial linked eight-storey extension spanning across both titles incorporating an 85 room hotel with bar, restaurant and an additional nine residential units.
A separate planning consent, now expired, was granted in 2015 for a 22 unit residential development in an eight to nine storey building over the Crossrail site
The site is close to Holborn Tube Station and within easy reach of the West End, The City and benefits from Crossrail at nearby Tottenham Court Road, providing a high speed connection via central London and Heathrow Airport to Maidenhead in the west and Stratford and Shenfield to the east.
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Watling Real Estate was created on 1 June 2023 by a management buyout of the real estate restructuring division of Avison Young. The business is headquartered in London with a network of offices in Birmingham, Manchester, Leeds and Bristol, providing national coverage with the benefit of local and regional expertise. It has a team of 20+ professionals offering a multi-disciplinary real estate advisory business and will immediately become one of the UK’s largest real estate restructuring consultancies.
The team, originally part of the GVA business and more recently Avison Young post-merger in 2019, is one of the most highly regarded and experienced real estate advisors operating within the restructuring and recovery marketplace. Over the past decade, the team has advised or transacted on real estate with a total value of over £11 billion, having worked on some of the most significant real estate restructuring projects in the UK.
Watling Real Estate is backed by Bassi Capital, a private family office with extensive core investments in the real estate sector including publicly listed companies, private limited companies, and joint partnerships. https://bassicapital.com/
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