Native Land has been granted planning consent for the conversion of 10,000 sq ft of office space in Old Church Street, Chelsea into eight luxury one-to-three bedroom apartments and additional car parking.
The new apartments, designed by MSMR architects, will complement the existing residential at Waldron House of five duplex apartments and ten mews houses located at the rear of the development. The west elevation will overlook a new landscaped private courtyard.
This prime residential development will be launched to the market in 2011.
Native Land bought the freehold of Waldron House, a 37,000 sq ft building in June 2009 for £4.98m from Warner (Music) Group, in a deal that underlined the company’s view that the time was right for selective acquisitions.
Alasdair Nicholls, Chief Executive of Native Land said: “It was important to seize this opportunity last year particularly as the market favoured the buyer. Once complete, Waldron House will respond positively to the high demand for prime residential apartments in prime central London locations. We are still in a strong cash position and remain open to acquiring further opportunities in the capital.”