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£85,000,000 GDV Canary Wharf BTR Development

20 Feb, 2023
£85,000,000 GDV Canary Wharf BTR Development
£85,000,000 GDV Canary Wharf BTR Development

Estate Office Property Consultants are pleased to confirm the sale of Northern and Shell Building, Canary Wharf to a private overseas developer, on behalf of our clients, the specialist property investor and developer, SAV Group.

The property, a circa 80,000 sq ft vacant office building is centrally located in the heart of Canary Wharf, directly overlooking the Millwall Docks and with views across London.

The landmark office building was sold with an £85,000,000 GDV. SAV Group achieved planning permission to change the use of the building to 209 C3 residential flats. The permission extended the building envelope, added a storey and provided private balconies to all of the flats. c.3000sqft of communal terrace space was also provided across three levels.

The planning permission achieved a 91% reduction on Part L of the 2013 Building Regulations45i, utilising air source heat pumps and solar panels for a completely gas free, low carbon operation. A biodiversity net gain was achieved through the provision of another c.3000sqft of green roofs, in addition to the planting for the 3000sqft communal roof terraces.

Anton Nikolaenko, Investment Director at SAV Group said, “We are pleased to get this transaction over the line despite the challenging market conditions. The deal further represents our expertise repurposing buildings in to highly desirable, low carbon products that are otherwise not available in the market.

Chaim Aziz, Managing Director at Estate Office said, “The sale of this landmark Co-Living development underlines London’s position globally as a destination in the Co-Living sector. Our client’s strategy – having acquired this unconditionally and working through the planning process – has enabled them to reap the rewards of an exceptionally located asset in a highly demanded sector. Despite a perceived decline in market sentiment, we continue to receive a number of enquiries from our overseas investors looking to acquire in the UK.”

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