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Gatti House development on London’s Strand nets GBP16.5 million

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Joint agents Beauchamp Estates and CBRE Residential have sold all four luxury apartments at Gatti House, a development by Enstar Capital, at 410 Stand in London for a combined total of GBP16.5 million.

Beauchamp Estates has just completed the sale of the last remaining apartment at the development.
 
Gatti House is a Grade II listed building, built in 1886-87 and designed by architect Spencer Chadwick, which originally served as the Adelphi Theatre Restaurant. The eatery was the “Scotts or Ivy of its day” and a favourite haunt for actors, actresses and playwrights including Dame Ellen Terry, Oscar Wilde, Pat Campbell, French film actress Sarah Bernhardt, actor William Terriss and Noel Coward.
 
Enstar Capital who acquired the building in 2010, appointed architects Peek Architecture & Design and interior design house Barlow & Barlow Design to lead the restoration work which took four years to complete.          
 
Launched in May this year the boutique residential scheme provides four two and three bedroom apartments, which were priced from GBP2.95 to GBP5.95 million. The agents sold two apartments each, hitting new price benchmarks for the local area. The penthouse, sold by Beauchamp Estates in July for close to the asking price, achieved approximately GBP2,260/sq ft, while the first floor apartment, also sold by Beauchamp Estates in September, achieved approximately GBP2,100/sq ft, both figures above average for the Covent Garden/Strand area. CBRE Residential sold the apartments on the second and third floors during the months of May and September.
 
Simon Lyons (pictured), Joint Chief Executive of Enstar Capital, says: “Gatti House is the finest residential development in the local area whose hallmarks are quality, luxury and fine attention to detail. Beauchamp Estates and CBRE Residential have unrivalled contacts and have delivered sales which have set new price benchmarks in the local residential market.”
 
Gary Hersham, Director at Beauchamp Estates, says: “This is an excellent development which has a unique provenance and stunning period features, finished to an extremely high standard. Capital growth is potentially as strong as any part of prime central London, with lower entry prices creating a compelling proposition for buyers.
 
“The local area has experienced approximately 20% growth year-on-year and with its central location and price appealing to national and international buyers, there is clearly room for further growth.”

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