Watling Real Estate has sold a substantial apartment block in the heart of Fitzrovia in London for £9.7 million. Eatos Group has acquired Emerson Bainbridge House, an unbroken block of 13 residential apartments.
Oliver Haunch, Robert Starkins and Kevin Hellard of Grant Thornton UK Advisory & Tax LLP, the joint administrators of Zeba Properties Ltd, instructed Watling Real Estate to market Emerson Bainbridge House, a Grade II listed building.
Jamie Lamond, a director in Watling’s London office, said: “Eatos Group is a real estate investment and asset management company headquartered in London.
“We are very pleased to have agreed a deal in what is a difficult London market and delighted that Eatos Group has acquired a rare landmark asset in a tightly held Fitzrovia market for its growing portfolio.”
Eatos Group currently has over £300 million of assets under management totalling over 750,000 sq ft.
The ornate building had been comprehensively redeveloped to provide 13 high quality residential apartments arranged over lower ground, ground and four upper floors.
The 8,285 sq ft building retains its original brick and stone façade characteristic of the Arts & Crafts architectural style, with many of the internal period features carefully restored as part of the conversion.
The building provides a passing rent of £528,000 per annum.
Lamond added: “Emerson Bainbridge House is on Cleveland Street in the heart of Fitzrovia, one of central London’s most vibrant and desirable neighbourhoods. The area is renowned for its eclectic mix of period architecture, independent restaurants, boutique retailers and creative businesses, offering a distinctive village atmosphere within the West End.”
Law firm Eversheds Sutherland acted for the Joint Administrators, with Eatos Group advised by Fladgate.
