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Investors shell out £64m for Richmond Riverside
A huge investment deal has been made on Richmond’s doorstep after Richmond Riverside was bought by a property investor for £64.5m.
Investment manager Orchard Street bought the complex, which includes Revolution and office space in Heron Square and Whittaker House, on behalf of St James’s Place this month.
The deal is seen as an investment opportunity for St James’s Place and there are plans to revamp and let Hill House, currently occupied office space.
The riverside walkway and green areas will still be maintained by Richmond Council, which sold the neoclassic office and retail blocks, designed by British architect Quinlan Terry, about 20 years ago.
Ward member for Richmond Riverside Councillor David Williams was leader of the council when the Queen came to the block in 1988.
He said: “I am sure that the look of the place will stay the same and the quality of maintenance will continue to be high which is important for such a key site next to the Grade I listed Richmond Bridge.
“I hope that they won’t make any controversial alterations to this surprisingly popular office block, particularly as it’s overlooking a very important part of the river.”
The riverside has 132,965sq ft of commercial space made up of six self-contained office blocks, eight high street retail units, three bars and restaurants, 28 long leasehold flats, a boathouse and 122 car parking spaces.
The office space is home to eBay’s UK headquarters in Whittaker House, while retail and leisure tenants include Whistles, Phase Eight and Pitcher and Piano.
Barney Rowe, partner at Orchard Street, said: “Located in a super prime Thames-side location, Richmond Riverside provides a number of opportunities to increase the rental income through a programme of active management activities.
“The desirable location means it is already home to some excellent covenants and with improving occupational demand in the local office, retail and leisure markets and limited supply we are confident it is well positioned for future growth and will deliver attractive returns to our client.”