Marylebone offices acquired for £63m

International House purchased by Ronson Capital Partners for residential conversion

Article posted: 01 Jun 2011

Ronson Capital Partners has acquired office space in Marylebone with the intention of converting it into a residential scheme in the future.

International House at 66 Chiltern Street has been purchased for £63m from administrators Deloitte. The offices totalling 80,590 sq ft are fully let but it is anticipated that when the current leases expire in 2014 the property will be converted.

Last November H2SO published a report which showed a growing trend to convert offices into homes. The report entitled "The 'Lost' Offices of London's West End" - detailed the growing trend for office space in Central London to be converted for residential use.

In what was the first detailed statistical research into the trend, the study identified more than 4m sq ft of offices in Westminster planning authorities’ boundaries that were converted to other uses between 2001 and 2009. Of this total, around 3m sq ft was converted to residential accommodation while a further 1m sq ft-plus was converted to hotel, leisure and other non-office uses.

At the time there was around 1.8m sq ft of further planning permissions lodged with Westminster for schemes that would also involve the conversion of offices to another use, the report noted that "it is clear that the trend is unlikely to disappear in the medium-term."

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Posted by Sam