HBRE’s new luxury developer enters the market with £24.25m Mayfair acquisition
EXCLUSIVE: Sons & Co., the newly-launched luxury development outfit funded by James Caan and Faisal Butt’s Hamilton Bradshaw Real Estate (HBRE) and founded by the Stocker brothers, has made its first acquisition: a major office-to-resi project in the heart of Mayfair. It’s the first step on a £200m spending spree over the next 24 months.
The joint venture business has just bought Charles House, 18B Charles Street for £24.25m. The 14,000 sq ft Grade II listed corner building – one of the most prominent on the street – is currently operated as serviced offices (it’s home to Marsh & Parsons’ Mayfair office), but comes with full vacant possession in the new year. Alex and Christian Stocker, the brothers behind Sons & Co., plan to use the next few months drawing up plans and applying for planning permission to turn 18B into four high-spec apartments plus staff accommodation, and expect to hit a gross development value of around the £50m once completed.
Alex Stocker, founding director at Sons & Co.: “The competition for a building of this calibre is fierce, so its acquisition is a great result for our team”.
“Our development will provide the best in luxury living, as prime central London property continues to outperform other investments. Apartments in Mayfair are attracting huge interest from international buyers, many of whom now chose London property as their principle residence”.
Sons & Co. has a two-year investment program of £200m, and plans to focus on developments with sales of over £2,000 psf in central London.
Before teaming up with Caan and Butt, veteren developers the Stocker brother’s business was known as L&H and completed a batch of strong developments including a new build house in Pont St. Mews, luxury apartments at 6 Palace Gate and the conversion and refurbishment of a Grade I Listed building on Queen Anne’s Gate into one residence. Alex & Christian Stocker founded the business with Simon Roberts; Patrcik Bamford is Finance Director and Delancey’s Adnan Ozair lends some weight as Non-Exec Director.
Hamilton Bradshaw Real Estate’s other investments include Alec Watt’s interior design outfit Accouter Design, Rupert Collingwood’s The London Management Company, Sharia-compliant property fund 90 North, Jason Tebb’s estate agency Ivy Gate, and real estate services provider Leadership & Management.
Watson Howick acted on behalf of Sons & Co. on the Charles St deal; Fineman Ross represented the vendor.