Westminster Fire Station
Keys: 17
Tenant: Operator backed by private equity
Lease value: 10 years / IRI
Use class: Residential (C3)
A Grade II-listed former fire station, this storied redbrick building in Westminster has been transformed into 17 boutique apartments and let to a trusted operating partner, backed by private equity with $115 billion AUM
Constructed in 1906, Westminster Fire Station served the community for more than a century. Its Edwardian framework was subsequently restored and reimagined as luxury apartments. Joined by new building Station House, the development spans 17 one, two and three-bedroom units.
Westminster Fire Station has been created with sustainability at its core. The scheme will deliver a 60% targeted reduction in carbon emissions. Around 80% of waste heat is saved by heat recovery units while solar panels save 2.9 tonnes of carbon annually.
The development enjoys an enviable location five minutes from St James’s Park Station, while an eight-minute walk takes you to Victoria Station. A global tourist destination, the area is also replete with corporate demand drivers such as conference centres and multinational headquarters.
Working with landlord Far East Orchard, operational real estate experts Saxbury secured a tenant for the building – helping to orchestrate a deal worth in excess of £1m per year.
TESTIMONIAL
"Saxbury professionally supported me in sourcing PCL investments in line with our mandate within the hospitality sector across the UK"
- Josh Warburton, Altido Ltd
If you are a developer or investor with a similar property and would like to know whether it would be suitable for serviced apartment use, contact our expert team.
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