:
UK: Privately-owned investor, developer, and asset manager Firethorn has instructed JLL to bring to market One Bessborough Gardens, a freehold building in SW1.
The building, located close to Vauxhall Bridge, is rumoured to have previously been used as a training facility by MI5. It was completed in 1988 and officially opened by King Charles III, then The Prince of Wales.
The vacant building has now been stripped back internally to its concrete frame, ready for redevelopment and repositioning.
It could suit a range of uses, including luxury residential, hotel, hostel, coliving, embassy, museum or gallery use, subject to the necessary consents. A number of planning consents are already in place, including prior approval for conversion to 52 residential apartments under permitted development rights, as well as an office extension.
The freehold interest for the site has no formal guide price. Depending on scheme option, the GDV is in the order of £80-100 million.
Sonny Dawes, head of London development opportunities at JLL, said: “One Bessborough Gardens is one of the most distinctive redevelopment opportunities to come forward in central London this year. It combines a rare freehold position in SW1, an existing residential consent, flexible alternative-use potential and a fascinating former institutional history.”
Marcus Weeks, director and head of Firethorn Living, said: “Firethorn acquired One Bessborough Gardens off market with a clear strategy to unlock the building’s value potential through planning, repositioning and asset preparation. Having secured the key consents, we are now bringing this iconic asset to market in line with our business plan.”
Highlights:
- Firethorn appointed JLL to market One Bessborough Gardens, a freehold redevelopment property in London’s SW1 district near Vauxhall Bridge.
- Completed in 1988 and opened by King Charles III as Prince of Wales, One Bessborough Gardens was reportedly previously used as an MI5 training facility.
- One Bessborough Gardens has been stripped back to its concrete frame ahead of redevelopment, with potential uses including hotel, hostel, coliving or luxury residential schemes.
- Planning consents secured for One Bessborough Gardens include prior approval for conversion into 52 residential apartments alongside an office extension under permitted development rights.
- Redevelopment options for the SW1 asset could generate an estimated gross development value of £80 million to £100 million.
