JR Capital is pleased to announce that planning permission has been granted by Westminster City Council to redevelop the existing 1980’s office building into 20 luxury apartments and ground floor retail with 12 underground car parking spaces. The consent includes a new 7th floor which will form a duplex penthouse with view across London. The apartments will be a mix of one, two and three beds all benefiting from high ceilings and private outside space.

The proposals, by architects Stiff and Trevillion, provide for the retention of the existing building structure and recladding of the existing elevations to improve the building’s appearance. The existing ground floor National Westminster Banking Hall is to be retained and a new ground floor commercial unit will be created adjacent. The upper floors will contain high quality residential accommodation with an addition storey on top of the existing 6th floor roof. The new 7th floor structure is set back from the main building to minimise its visual impact from ground floor level views.

The building was acquired in June 2012 in partnership with a UK developer, construction will commence in July 2013 with completion of the apartment in 2015. JR Capital was responsible for structuring the deal and raising the equity from a consortium of its Middle East institutional and private clients.