Residential Land buys Westminster block

[caption id="attachment_868514" align="alignright" width="300"] Luke House, Westminster[/caption] Residential Land and joint venture partners Ivanhoe Cambridge have bought 3-4 Abbey Orchard Street in Westminster for £60m at a yield of 4.4%. Luke House is an 80,000 sq ft seven-storey mixed-use building, home to a number of government offices alongside 30 AST apartments. The building has the potential for redevelopment, with additional floors, serviced apartments and office refurbishments all an option. Bruce Ritchie, chief executive of Residential Land, said: “3-4 Abbey Orchard Street represents a core-plus opportunity for Residential Land, offering high-quality accommodation situated in central London. “This off-market purchase forms part of our underlying strategy to invest in acquisitions where we see the opportunity to generate growth from enhancement and redevelopment, and we are assessing a number of opportunities in that field.” • To send feedback, e-mail alex.peace@estatesgazette.com or tweet @EGAlexPeace or @estatesgazette