Residential Land featured in Property Week
Bruce Ritchie property Investment Company acquires 7-8 Bathurst Street in central London push.
RESIDENTIAL LAND, THE PROPERTY investment vehicle of investor Bruce Ritchie has bought 7-8 Bathurst Street and an adjoining mews house next to London’s Hyde Park.
The freehold properties have been added to a growing Hyde Park portfolio. They were sold by private Israeli investors who originally converted the 13,958 sq ft (1, 297 sq m) of properties into flats and office space.
Residential Land’s Latest purchase represents a continued strategy to acquire residential property within the Hyde Park Estate and other central London locations. Ritchie said: ‘It’s the company’s preference to acquire property like this in original parts of London that have been maintained at a level we feel we can add to. The properties tend to be undervalued and internationally owned.’
The properties on Bathurst Street are split into nine lateral flats on short-term leases. The adjoining house on Bathurst Mews, which is mixture of office space and residential, faces the Ross Nye Horse Stables.
As well as upgrading the existing flats, once the current leases are up, Residential Land is also to apply for planning permission to turn the mews building a four-bedroom house.
The company, which already owns a similar property on Bathurst Street, recently won planning consent from the Royal Borough of Kensington and Chelsea to change 94 serviced apartments at Roland House, Knightsbridge into flats.
Acquired from a joint venture between the Ascott Group and Crown Dilmun, the property was on the market. The conversion from short-stay units to flats has the potential to push up capital value considerably and is expected to yield a gross yearly income.?
Residential Land has become one of central London’s most prolific resedential investors.
Part of larger Residential and Commercial Holdings group of companies, its central London holdings alone equate about 250,00 sq ft (23,226sqm). Ritchie said: ‘From our point of view we are trying to bild a bigger rental portfolio of buildings that we can bring full value to though planning changes and development.’
For flats to rent in London visit https://www.residentialland.com
