LONDON-FairBriar, the specialist residential property development, asset management and serviced apartment business, is buying the freehold of Nell Gwynn House, Sloane Avenue, SW3 for £27.4 million. The acquisition brings the FairBriar portfolio of serviced apartments in Central London bringing to over 400. The company’s goal is to own 1,000 properties.
Nell Gwynn House, located within walking distance of both South Kensington and Sloane Square, has a total of 433 apartments, 291 of which have been sold on long leases. Of the balance 124 are operated as serviced apartments and 18 are occupied by statutory tenants. FairBriar plans to operate the serviced apartments under the FairBriar Residence brand and refurbish them with a rolling programme to minimise disruption to the occupants.
The property has operated as short-term letting serviced apartments for some 20 years. It features a 4,800 sf health club, which will be refurbished for use by FairBriar Residence guests and club members and a 73-space underground car park, which is currently let on a short lease.
Philip Van Reyk, chief executive of FairBriar, says, ‘This is an important step in ourambition to be a market leader in the London luxury serviced apartment market and this acquisition takes us a significant step further in our aim to increase our portfolio to 1,000 units by 2003.’ The portfolio includes properties in Kensington, Chelsea, Canary Wharf and the City.