Office buy in Paddington Westminster

Opportunity to acquire a recently renovatedoffice building with outstanding viewsdirectly over Hyde Park and with exceptionalceiling heights on the lower floors. There is alift that serves all the floors. The penthousebenefits from a substantial roof terrace withstunning views across London. The 4th & 5th floors have been used forresidential purposes and with the recentconversion of 5-6 Connaught Place fromoffice to residential, conversion of thesubject site to fully residential appears highlyfeasible. With the building having benefitted from arecent renovation, this substantially reducesthe duration of development works required,in addition to existing floor layouts thatenable a straight forward conversion. KEY FINANCIAL SUMMARY Purchase Price £20,750,000 (£/Sqft On Proposed 13,500 Sqft) £1,537 Development Costs £5,800,000 @ Per Sqft £387 Equity Investment £13,800,000 Debt @ 60% LTC £16,600,000 Gross Development Value £39,570,000 Exit £/Sqft £2,931 Project Net Profit £6,500,000 Project Profit On Net GDV 17% Project Profit On Costs 21% Project ROE 47% Project Term 24 Months Please click this link for more market comparison Property Features * Views Over Hyde Park.