Wed, 26 Jan 2011 | COMMERCIAL PROPERTY
Commercial property developer Terrace Hill Group Plc and property investment group Aerium have teamed up to acquire two prime London commercial property sites.
The joint partnership has purchased 49 and 50-51 Conduit Street and 24 and 24A Savile Row from property fund managers Prupim for around £26 million.
The two commercial buildings offer 12,286 sq ft of prime space, and will be extensively redeveloped into a new, far larger scheme by Terrace Hill, who will oversee the project managing of the redevelopment plans.
Robin Carr, Head of UK acquisitions at Aerium, told Property Week, “We believe that the Savile Row [and] Conduit Street opportunity will allow us to create a unique and highly desirable asset in this core and ever popular Mayfair location.”
Development Director of Terrace Hill, Rob Lane, added, "It is a key part of Terrace Hill's strategy to focus on delivering similar developments in Central London.”
This latest development funding acquisition follows Aerium’s purchase of 20 Cannon Street, located in EC4, in July 2010. This acquisition was carried out In partnership with Allied London.
Terrence Hill also made a commercial property investment worth £53.5 million last year when it purchased a site on Wilton Road in Victoria.
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