AshbyCapital has completed the acquisition of a 50% stake in Fitzroy Place, in London’s Fitzrovia, from Kaupthing for £217.1m.
Fitzroy Place comprises 221,530 sq ft of office space across two buildings, as well as 19,700 sq ft of retail space at ground and basement levels and a 9,620 sq ft healthcare unit - let to UCL Hospitals NHS Foundation Trust. The development also includes 235 private luxury residential apartments and 54 affordable homes.
The offices are let to eight tenants, with 1 Fitzroy Place – a 150,000 sq ft headquarters building – the new UK head office of cosmetics firm Estée Lauder.
Aviva Investors has retained its 50% share of ownership, which it has held since they acquired the site in 2009.
Fitzroy Place is AshbyCapital’s second investment in London’s West End. The company is already working with Exemplar and Bedford Estates on The Avenue, a new office and retail development on Tottenham Court Road set to complete early next year.
Peter Ferrari, chief executive at AshbyCapital, said: “The quality of Fitzroy Place, combined with the rarity of a scheme of this scale in such a desirable West End location, makes this an attractive proposition. With The West End Project – a new £40m public realm investment – now underway, and The Elizabeth Line and the £1bn transformation of Tottenham Court Road Station set to make this one of London’s busiest transport hubs, we are hugely excited about the future of this area. We are also very pleased to be partnering with Aviva, one of the UK’s strongest financial institutions.”
CBRE acted for Kaupthing and Savills acted for AshbyCapital.