Investor, developer and asset manager Firethorn Trust has bought the One Bessborough Gardens, London office building in off-market deal.
The 70,000 square foot, four-storey building has been acquired from Charles Street Building Group for an undisclosed sum.
One Bessborough Gardens, which overlooks the gardens and also the Thames, will be converted into a modern residential development with around 60 apartments under Firethorn’s Living portfolio.
With a focus on building sustainable spaces with a high-quality specification, this is the first residential asset in London for Firethorn Living.
Marcus Weeks, Director and Head of Living at Firethorn Trust, says, “One Bessborough Gardens presented a strategic opportunity for us to create a unique residential offering at a time of limited supply to the market and increased demand. Being a very agile business and having a strong balance sheet means that we were able to move forward decisively and quickly on this transaction.
“This is a fantastic addition to our growing Living portfolio, at a scale and quality that not only reflects our ambition to become leaders in the Living markets, but represents our genuine passion for creating modern spaces that have a positive impact on people and places.”
Addington Capital is advising Firethorn. Principal, Matthew Allen, says, “Supporting Firethorn on the conversion of One Bessborough Gardens into a residential scheme is a significant project for us in prime Central London. The building has great conversion credentials.”
Work on site is expected to commence in early 2025. Completion is due in 2026.
The property was introduced to Firethorn Trust by ACRE LLP. Charles Street Building Group was advised by Levy Real Estate.
The image, by Paul Palmer, is from Wikimedia and is reproduced under CreativeCommons.
