Manchester-based Property Route has acquired a prestigious Mayfair development of seven luxury apartments in a deal worth £9.6 million.
The Georgian building is located on Maddox Street, between Regent Street and Bond Street in one of the most sought after parts of London’s West End and contains six one-bed apartments and one three bed duplex on lower ground and ground floor.
The deal follows Property Route’s acquisition of London-based ASA Properties Ltd in March and is further evidence of the Manchester-based company’s growing business interests in the capital.
Adrian Wallbank, a commercial property partner at Beachcroft advised Property Route on the acquisition and the HSBC’s North West Corporate Banking Centre provided the finance.
Nabeel Chowdery, managing director of Property Route, said: “We’re focusing a growing amount of attention on top-end properties in fashionable parts of London which offer attractive returns on relatively short-term investment and feature strongly in our plan to grow the business.”
Glenn Bemment, Corporate Banking Manager at HSBC’s North West Corporate Banking Centre, said: “It is good to see well established North West companies taking a real interest in the lucrative high-end London property market.”
Property Route has property assets in excess of £150 million across the commercial and leisure sectors, including several landmark buildings in Manchester city centre and Cheshire.