AXA Investment Managers – Real Assets announces that it has entered the UK private rented residential market with the acquisition, on behalf of clients, of the iconic Dolphin Square in Pimlico, Central London, from Westbrook Partners. The neo-Georgian designed freehold asset is the largest single private residential complex in the UK, comprising 1,233 units on a 7.5 acre site. The acquisition forms part of AXA IM – Real Assets’ wider strategy of seeking high quality residential assets supported by strong demographic drivers, which it can invest into for the long term, and adds to its c. €20 billion portfolio comprising various residential asset classes across 15 countries.
Dolphin Square is a London landmark with a rich history dating back to 1937, including having been the headquarters of General De Gaulle’s Free French during World War II. The estate provides 795,990 sq ft of residential accommodation, commercial and amenity space spread across 13 individual houses centred around a 3.5 acre landscaped garden square. Of the 1,233 residential units, there are 165 serviced apartments, 80 corporate housing units and 186 affordable units, with a broad variety of apartment sizes on offer ranging from studio to five-bed.
The riverside estate comprises extensive retail and leisure facilities including a fitness club, swimming pool, spa, squash and tennis courts, and a convenience retail arcade. The entire complex is managed by an onsite management company, acquired as part of the transaction.
The estate stands in good condition but presents an opportunity for a wholesale refurbishment over the long-term to enhance its sustainability credentials and provide a modern environment for tenants to live and enjoy.
Dolphin Square holds a prime Central London location in Pimlico, Zone 1. Situated amongst some of London’s most prestigious neighbourhoods, Pimlico’s attractive regency architecture, plentiful green space and abundance of leisure and dining options have cemented the location as a highly desirable residential submarket. It also benefits from excellent connectivity with Pimlico Underground station just a four minute walk from Dolphin Square, connecting to London’s West End in under ten minutes and just one stop from London Victoria mainline station.
Source : Company