More House expected to continue its use for student purposes
The Canonesses of St Augustine, advised by Gerald Eve, have sold More House at 51-55 Cromwell Road in London to SAV Group for £25million.
The 38,000 sq ft building, which is named after St Thomas More, formerly housed a catholic chaplaincy, student centre and 79-bedroom hall of residence and adjoining mews and is located at 51-55 Cromwell Road, opposite the Natural History Museum. It is expected to continue to be used for student purposes following refurbishment.
The sale was conducted following an assessment of the options for the property with the trustees making the decision to dispose of the freehold interest. The sale will support the order so they can continue to invest in their charitable missions in the UK and overseas.
William Ray, Partner at Gerald Eve, said: “We are pleased to have completed the sale of this high profile, valuable building for the religious charity during some of the most challenging market conditions I have ever experienced. This is a fantastic result for the charity which was facing an increasing financial and operational burden with the ownership and running of the building, and can now invest the proceeds to further their charitable mission in the UK and beyond.”
Partner William Ray and Associate Ben Gilbey at Gerald Eve advised the Congregation of Our Lady, Canonesses of St Augustine on the sale.