More House expected to generate significant investor interest
The Canonesses of St Augustine, advised by Gerald Eve, are to bring the freehold interest in More House, South Kensington to the market.
The 38,000 sq ft building, which is named after St Thomas More, currently houses a catholic chaplaincy, student centre and 79-bedroom hall of residence and adjoining mews and is located at 51-53 Cromwell Road, opposite the Natural History Museum.
The Congregation of Our Lady, Canonesses of St Augustine, are a religious order and UK-registered charity. Following an assessment of the options for the property, the trustees have made the decision to dispose of the freehold interest to support the order and invest in their charitable missions in the UK and overseas.
William Ray, partner at Gerald Eve, said: “In a fantastic location, close to Imperial College London and the museums of South Kensington, More House offers a superb opportunity to investors and developers seeking to provide accommodation in one of the capital’s most-popular but under-served areas. We are anticipating considerable interest from student housing developers, investors and hoteliers, all of which can benefit from the property’s prime location. For the charity, this sale represents the opportunity to release themselves from a financial and operational burden and to release capital currently tied-up in the property for more effective investment into its charitable mission.”
Gerald Eve is advising the Congregation of Our Lady, Canonesses of St Augustine on the sale.