Category : Commercial Transactional
The completion is expected next week of a £78 property transaction in the Covent Garden area of London, it has been reported.
Atlas Group, which is owned by Greek shipping tycoon Achilleas Kallakis, is to pay GE Real estate £78 million for the Orion House office building on St Martin's Lane, Property Week reports.
The transaction is said to be the possible precursor of a conversion of the building from commercialoffices to residential use, with prime apartments being installed, as the company has a long-standing record of carrying out such transformations.
It is currently seeking to build several top-end apartments at an address in St James's Square.
Yesterday research by Young Group revealed that optimism about London property is running high.
It showed that 95 per cent of investors intend to retain their investments for the next 12 months and 50 per cent plan on expanding their portfolios.
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