BRITISH LAND has agreed to buy Wardrobe Court, a residential investment property in the City for £57m.
Wardrobe Court, which is being sold by the Warnford Group, a family company, will mark British Land’s first residential acquisition in the square mile.
The FTSE 100 group, best known for its retail and office schemes, is expanding its high-end residential property portfolio in central London, where demand from international investors remains strong.
If the deal is completed, the company’s residential properties will be worth more than £250m, including its luxury apartments in Regent’s Place.
Wardrobe Court, near St Paul’s Cathedral, is a collection of 92 serviced apartments. Known as “the king’s wardrobe”, the name dates back to when King Edward III occupied the site in the 14th century with a vast wardrobe of regalia.