Family office picks up £60m West End development gem
Office site on Great George Street has planning in place for a hotel
What Federated Hermes has sold 8-10 Great George Street in
Why Family office Fitzrovia has paid close to £60m for the
What next Planning consent in place for 134-bedroom hotel
Federated Hermes has sold a West End hotel development opportunity to a
family office for a price approaching £60m, React News can reveal.
The investment manager has completed the sale of 8-10 Great George Street
to a group called Fitzrovia, which sources said could be described as a family
office with experience of investing in European real estate.
The asset was sold from the Federated Hermes Property Unit Trust.
Hotel development opportunity
Although currently an office building, the site benefits from planning permission
to create a 134-bedroom development, providing the opportunity to create a
luxury hotel or premium serviced apartments.
Fitzrovia is believed to be working with Kinsfolk & Co, a hospitality management
business that has been set up by a former director from the Shangri-La Group.
Located in Westminster, 8-10 Great George Street offers views over St James’s
Park and is close to many London landmarks.
Gerald Eve and TT&G represented Federated Hermes.
All parties declined to comment.