Gerald Eve advises on Bayswater acquisition

The West End Investment team have advised Beltane Asset Management on the acquisition of One and Five Palace Court, Bayswater, W2. The acquisition comprises two end of terrace properties with prominent corner positions fronting onto Bayswater Road on the north side of Hyde Park. The properties were vacant having previously been operating as an apart-hotel with the opportunity to add value through a change of use. The deal price was £13.275 million which equated to a capital value of £975 per sq ft.
The assets represented an excellent opportunity to buy into the Bayswater area at a low capital value and produce a high class residential scheme in a rapidly changing central London location.