Developer Mayfield Property Group has purchased Conduit House in Chiswick, west London from Imperial Tobacco Pension Fund with a view to converting the office into a £25m residential scheme.
The vacant three-storey 1960s building, at 309-317 Chiswick High Road, was acquired with planning permission in place for a new-build scheme spanning 35,000 sq ft and comprising 21 apartments, a ground-floor retail unit and a basement car park.
The residential element of the scheme will be offered for sale off-plan in September and practical completion of the development, which has a gross development value of £25m, is due in October 2019.
“Chiswick has great market appeal and we have already received great interest from owner-occupiers and investors alike,” said Joseph Mansour, managing director of Mayfield.
DTZ advised Imperial Tobacco Pension Fund. Mayfield was unrepresented.