A joint venture between Hondo Enterprises and the New York based private finance company Angelo Gordon – the owners of Brixton’s covered markets – has borrowed £16.6m over three years to convert a central London car park into offices.
The “desirable” Fitzrovia address of 12-13 Wells Mews between Oxford Street and Tottenham Court Road will have 22,800 square feet of office space over six floors and three roof terraces.
Hondo and Angelo Gordon’s plans for a 19-storey office tower on Brixton’s Pope’s Road would have more than ten times this amount of office space, with 25,445 square metres (273,887 square feet). Their Brixton joint enterprise owns Brixton Village and Market Row.
Hondo and Angelo Gordon bought the Fitzrovia property with 38 years remaining on the lease with money borrowed from banker Investec. They have negotiated a lease extension to 125 years with the freeholder.
Daniel Carlisle of Investec said that, during lockdown, Hondo and Angelo Gordon had been able “to secure an earlier than expected extension to the headlease, which our expert team assisted with.
“The extension should provide a significant uplift in value to this prime asset.”