Westminster Palace Gardens
This development was a Grade II Victorian mansion block originally built as 60 residences. In the 1970s, half of the flats were converted into offices making this a challenging development due to site constraints around a small central courtyard and, the 30 working offices peppered throughout the building.
The building was purchased in June 2010 in a joint venture between Development Securities PLC and a high-net-worth investor and Alchemi Group saw the opportunity to convert 23 of the offices back into elegant, luxury apartments.
Appointed as Development Manager, Alchemi obtained planning consent to convert 22,700 ft2 of saleable space. Alchemi Group also negotiated vacant possession of the offices and managed the construction process to practical completion.
A UK investor forward-purchased the entire development and all sales completed by September 2012.
The remaining offices and retail units also sold as portfolio to UK investors and a 45% geared IRR was achieved over 27 months.