Developer P&P London expands portfolio with further properties in prime locations across the British capital and plans additional investments totalling £ 100 million for 2024
Issuer: P&P Group / Key word(s): Real Estate/Disposal
11.01.2024 / 13:45 CET/CEST
The issuer is solely responsible for the content of this announcement.London, 11 January 2024 - P&P London, a prominent property investor and developer, is expanding its portfolio with additional properties strategically located in prime areas of the British capital. The acquisitions include flats and a historic pub, contributing attractive new locations to the company's growing portfolio. Michael Peter, the Managing Director of P&P London, highlights the significance of these acquisitions in Chelsea and Lambeth, stating, "These additions enhance our portfolio with highly desirable locations." P&P London, a spin-off from the German project developer P&P Group, initiated its London investments in Knightsbridge and Mayfair in late summer 2023, investing a double-digit million amount within the first five months of its establishment. Michael Peter views this as a successful start-up phase, affirming the company's strategic decision to enter the dynamic and compelling UK property market. Looking ahead, the company is set to make property acquisitions totalling around £ 100 million in 2024.
There are currently particularly good opportunities for investments in the London property market. "For the first time in a long time, prices are falling in many areas, which we are currently capitalising on," explains Peter: "Thanks to the P&P Group's cautious approach to business in the past, we have sufficient capital resources to react flexibly and quickly to purchase opportunities." Following the current slowdown in demand for property, Michael Peter expects a renewed boom in London.
To strategically position itself in the current scenario, P&P London focuses on flats and residential buildings situated in favourable locations where repositioning is viable from architectural, structural, or conceptual perspectives.
To enable this strategy, P&P undertakes necessary refurbishments on the properties, creating additional avenues for growth. An illustrative example is the acquisition in Lambeth, where P&P London purchased a four-story mixed-use property housing flats and the renowned Rose Pub, originally constructed around 1870, directly along the Thames. This historic Victorian-style pub, cherished by both locals and tourists, has stood for about 150 years, with its lease extending for another 15 years. Situated at 35 Albert Embankment, in close proximity to the US Embassy and a short walk from the Coronation Church of Westminster Abbey, the location holds significant potential given evolving demand trends. P&P is considering offering micro-apartments within the premises. Michael Peter notes, "In London, there is a growing trend of people opting to reside in well-located areas near shopping, cultural attractions, and recreational facilities, even if it means compromising on living space."
P&P will be renovating its recently acquired five-story building in the Chelsea district, originally constructed around 1870, in a manner that preserves its historical essence. The renovations include restoring Victorian iron railings and encaustic tiles, enhancing the property's appeal for the high-price segment. Located on Redcliffe Gardens street in the historic Victorian quarter in the southwest of the capital, the property is well-positioned to attract discerning residents. The area's advantages include excellent public transportation links provided by Earl's Court and Gloucester Road underground stations. Notably, the renowned Piccadilly Line offers quick access to prominent stations such as Hyde Park, Covent Garden, King's Cross, and Piccadilly Circus within minutes.
“All of these investments firmly establish the P&P London brand in the British residential market," emphasizes Michael Peter. "We are demonstrating our active presence across all relevant property sectors in London." The targeted portfolio includes entire houses and individual flats in exceptional super-prime locations within the City, as well as in emerging areas throughout the Greater London metropolitan region. The focus extends to mixed-use properties with a substantial residential component.
"In all the locations we've chosen so far, there's a notable imbalance between rental demand and supply. This has already led to a significant increase in rents in the local markets," highlights Michael Peter. "Furthermore, a substantial upward trend is expected in the purchase market soon. Our investments will also reap the benefits of this positive shift."*About P&P London:*
P&P London* *is a spin-off of the P&P Group founded in 2023 and develops, revitalises and markets residential and mixed-use properties in the UK capital. As an initiator, investor and asset manager, P&P London covers all areas of the value chain. Its core competencies include the revitalisation and modernisation of buildings. P&P London can also draw on almost 30 years of development experience through its associated German-based company P&P Group with its Real Estate Germany division.
*Press contact:*
UK
Alia Moteleb
Cavendish Place
London, W1G 0QB
T: +44 20 3179 3100
info@pp-london.com
Deutschland
Luzia Winkler
Isaak-Loewi-Str. 11, 90763 Fürth
T: +49 (0) 911 766 06 146
l.winkler@pp-group.com
Wolfgang Ludwig I
Mathias-Brüggen-Straße 124, 50829 Köln
T.: 49 (0) 221 292 19 282
mail@ludwig-km.de
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