SCALA HOUSE, FITZROVIA, LONDON
Block of 34 two-bedroom apartments
Scala House is a self-contained block of 34 two bedroom apartments in dynamic Fitzrovia. The Saxbury team has been advising an institutional client on this project.
We began by working with our client on a comprehensive feasibility study, modelling detailed scenarios and a full report on its current condition, operation and future potential. Our expert knowledge of the London property market enabled us to make careful comparisons between the serviced apartment, residential and student accommodation sector. Having identified a number of issues with the building and operation, Saxbury recommended a plan for optimal use for the property that most suited our client’s requirements.
Within three months of our findings and report being issued to the client, the building started to fail, as our findings had suggested. Saxbury was then immediately instructed to find a more suitable operator for this standalone prime central London apartment block.
The Saxbury team approached a list of international and national apart-hotel and serviced apartment operators, leading to interest from twelve key parties and creating a competitive situation with the top five. Although there are a handful of serviced apartments in this prime west end location, the operators were incredibly keen to acquire more keys and gain further market share as demand for this type of accommodation continues to thrive.
After a tight bid process, we advised our client to agree heads of terms with the incoming operator and concluded the transaction at the beginning of 2017.